Although nonprofit organizations that have received exemption from federal taxation, including exemption under Internal Revenue Code 501(c)(3), are exempt from payment of federal income tax, most such organizations are still required to file an annual an exempt organization information return with the IRS each year. Organizations with $50,000 or more in annual gross receipts normally file Form 990 or Form 990-EZ, and those with less than $50,000 in annual gross receipts normally file Form 990-N (also called the "e-Postcard"). The deadline for these filings is the 15th day of the 5th month after the close of the organization's tax year, which means that calendar-year organizations must file by Tuesday, May 15, 2012 (or seek an extension of time to file). Failure to file information returns for three consecutive years can lead to revocation of the organization's tax exempt status.
If you need advice or assistance with legal issues relating to your nonprofit organization, feel free to contact HBC's business attorneys to discuss potential representation. Please note that all information provided on our website is subject to our standard disclaimer.