IRS Sets New Filing Thresholds For Form 990

Mark Hrywna, from the NonProfit Times, reports that the IRS will phase in a new filing threshold that will permit nonprofits with gross receipts between $25,000 and $1 million, and total assets below $2.5 million, to file a revised Form 990 EZ in 2008.

"By 2010, nonprofits with gross receipts between $50,000 and $200,000 in gross receipts, and less than $500,000 in total assets, will be permitted to file a Form 990 EZ."

Read more of this 01.09.08 article from The NonProfit Times.

IRS Moves to Weed Out Deadwood Charities

Donors should get a much clearer picture of how secular charities handle their money, and which charities are legitimate, due to new rules imposed by Congress. Now, even the tiniest nonprofit, like garden clubs with a few hundred dollars of income a year, must file simple disclosure statements online with the IRS.

Under the new law, the Pension Protection Act of 2006, any nonprofit (except virtually all religious organizations) that fails to file within three years will automatically lose its tax exemption, said Lois G. Lerner, the IRS's director of exempt organizations.

Read more of this 11.12.07 New York Times article by David Cay Johnston.

Senator Tells Hospitals To Stop Protesting Form 990 Changes

Read about how Sen. Charles E. Grassley is trying to get nonprofit hospitals to scale back their opposition to proposed changes to the Form 990 informational tax form.

View the 10.31.2007 article by Peter Panepento on the Chronicle of Philanthropy website.