Kerry M. Kerstetter, CPA (referred to as The Tax Guru by other CPAs around the country) helps capitalists, investors & small business owners win the tax game. See www.TaxGuru.org for much more detailed info.
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Tax Guru-Ker$tetter Letter
Sunday, July 14, 2002
Not Tax Filing Exempt
Just because an organization is recognized by IRS as exempt from taxation doesn't mean that no tax returns have to be filed with IRS. In fact, as this rescue unit in Alabama discovered, there are very steep IRS penalties for not filing their 990 forms. They were nailed with $57,000 of penalties for not filing since 1997.
Filing requirements do vary; but normally a 990 is required to be filed with IRS if the organization had gross receipts of more than $25,000 during the year.
KMK
- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 7/14/2002 01:27:00 PM Send this post:
