Thousands of nonprofits may lose tax-exempt status - WDAM-TV 7-News, Weather, Sports-Hattiesburg, MS

Thousands of nonprofits may lose tax-exempt status

DES MOINES, Iowa (AP) - More than 200,000 small nonprofits across the nation are days away from losing their tax-exempt status because they haven't filed a new form with the Internal Revenue Service.

The deadline for the IRS form is Monday, and the National Center for Charitable Statistics estimates 214,000 nonprofits that report $25,000 or less in income haven't filed that form. Churches are exempted.

If nonprofits file late, officials say it could be months before their tax-exempt status is restored. People who donate to those charities still could deduct expenses because there was no way to know about the change.

Bobby Zarin of the IRS says the new requirement is intended to better track small nonprofits and make information more available to the public.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

 

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