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September 4, 2010

Non-profits have 5 weeks until deadline

Staff Reports The Moultrie Observer

MOULTRIE — Non-profit organizations that do not file required documents with the Internal Revenue Service by Oct. 15 could lose their tax-exempt status.

Currently, 22 exempt organizations in Colquitt County are at risk of losing tax-exempt status, said Moultrie accountant Dennis W. Futch, of The Tax Shop in Moultrie.

A 2006 change in rules by Congress requires all non-profit organizations, requiring even those with gross income of less than $25,000 to file a return, Futch said. Beginning in 2007, any non-profit organization that does not file for three consecutive years will lose its tax-exempt status.

Churches are generally exempt from filing a return, he said.

“The original filing deadline was May 17, 2010,” Futch said. “However, the IRS recognized that many small non-profits had no idea this was happening so they now have until Oct. 15, 2010, to file.”

Losing tax-exempt status could be “devastating” to small organizations, Futch said.

Organizations can comply by visiting the web site www.irs.gov and completing Form 990-N. Organizations must supply eight items of information on the form.

Filling out the form is a relatively painless process, said Mark Green, an IRS spokesman based in Atlanta.

“It’s quick, it’s easy, there’s almost no paperwork,” he said.

It also can save a lot of headaches for both the organization and donors, he said.

“If you donate money to a non-profit that loses tax-exempt status, it could be a problem for the contributor,” Green said.

In some instances, it could mean amending a tax return because a donation made to an organization may not be tax-exempt if that organization did not comply with the law, he said.

“What we have found is that due to misinformation, a lot of smaller non-profits thought they didn’t have to file a return because they didn’t have a lot of income,” Green said. “Now is a good time to review the records. If you haven’t filed anything in the last three years, you need to do it.

“Oct. 15 is right around the corner, and the 990 status is really important for a lot of individuals who will be collecting money and having activities toward the end of the year.”

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