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Nonprofits May Lose Tax-Exempt Status

The IRS has implemented the requirement for little known form that could jeopardize the tax-exempt status of over 200,000 nonprofits that operate on an annual budget of $25,000 or more.

 

Suzanne Coffman, a spokeswoman for GuideStar which tracks data on nonprofits says, “The nonprofits in your backyards, some of them are going to be gone.”

 

Form 990-N is now required for smaller nonprofits, per the tax code revisions passed by Congress three years ago. It’s not clear why these 200,000 charities have not submitted the form and thereby have put their tax-exempt status in question. Without this status, donations are not tax deductible, which could hurt the nonprofits.

 

– Source:  Associated Press 05/16/10.

 

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4000+ Faith Based Articles and Movie Reviews – Will you Support Us?

Our small team works tirelessly to provide resources to protect families from harmful media, reviewing 415 movies/shows and writing 3,626 uplifting articles this year. We believe that the gospel can transform entertainment. That’s why we emphasize positive and faith-filled articles and entertainment news, and release hundreds of Christian movie reviews to the public, for free. No paywalls, just trusted, biblically sound content to bless you and your family. Online, Movieguide is the closest thing to a biblical entertainment expert at your fingertips. As a reader-funded operation, we welcome any and all contributions – so if you can, please give something. It won’t take more than 52 seconds (we timed it for you). Thank you.

Movieguide® is a 501c3 and all donations are tax deductible.