New Reporting Requirement for Small Non-Profit Organizations

Beginning in 2008, non-profit organizations with annual gross receipts of $25,000 or less will be required to file annually with the IRS.  In the past, these organizations were exempt from the annual filing requirement. 

The new form, 990-N, will be filed electronically and will require non-financial information from the organization, such as the current address and officers, and evidence of continued exemption.  This is an important filing requirement, as organizations who fail to file for three consecutive years will lose their exempt status. 

If you are involved with a non-profit organization and have questions about your organization's filing requirements, please contact Amy Arens, CPA, at 502.589.6050 or amya@cottonandallen.com.