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Did you Know

October 2, 2012 5:00 pm

  • Over $200 billion is donated to charity annually.
  • The Nonprofit sector contributes 5% of the US GDP.
  • The Nonprofit sector employs almost 10% of the population.

 
990-N

2:34 pm

Question:

I just heard that the IRS is going to start requiring even very small nonprofits to file 990s. Is this true?

 

Answer:

Yes, and no.

Although still exempt from filing the 990 or 990-EZ, organizations whose annual gross receipts are usually $25,000 or less will be required to file the new 990-N, or “e-postcard”, starting in 2008. The change, which is a result of the Pension Protection Act of 2006, is designed to provide the IRS with current, up-to-date contact and staffing information for these smaller nonprofits.

For more information, check out the IRS web briefing on the 990-N.

 

Did YOU Know?

Over $200 billion
is donated to
charity annually?

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