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Exempt Organizations - New Electronic Filing Requirements
The Spring 2007 Social Security/IRS Reporter highlights two new electronic filing requirements that have gone into effect this year for tax-exempt organizations. One is a new notice requirement for small exempts. The other is an electronic return filing requirement for larger exempts.
New notice requirement for small exempts. The Pension Protection Act of 2006 provides that for tax periods beginning after Dec. 31, 2006, tax-exempt organizations whose gross receipts are normally less than $25,000 must electronically file an annual notice. IRS is developing a filing system for the annual electronic notice and will publicize filling procedures upon completion of the filing system.
Electronic return requirement for larger exempts. For tax years ending on or after De. 31, 2006, tax-exempt organizations must electronically file their Forms 990, Return of Organization Exempt from Income Tax, if they have $10 million or more in total assets and file 250 or more returns a year.
Interested parties can find more information about e-filing for charities and non-profits, including the list of approved e-file providers, at the Charities & Non-Profits page on the IRS Web site.
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David E. Gardner, CPA
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