Over one-thousand Jewish non-profit organizations are at risk of losing their 501(C)(3) designation because of a new law that enforces the required filing of a Form 990. If an organization has not filed their “990” with the IRS within the last three years they will lose their non-profit status.
“Because this is a relatively new law, many tzedakahs may not be aware that it applies to them,” NY Councilman David Greenfieldexplained. “Every tzedakah needs to know that, regardless of their size, they must file these forms with the IRS before October 15th or they will lose their ability to take tax-deductible contributions.”
The IRS has set October 15th as the final deadline for filing an annual report on Form 990 for organizations which have not done so for three years since the 2006 law went into effect. Under the 2006 law, all nonprofits which have been found to be tax exempt by the IRS must file some sort of annual form. If a nonprofit has less than $25,000 in income, it still must file – however, it should file on-line.
Non-profit organizations can easily check their status on the IRS web-site (www.irs.gov) by clicking on “Charities & Non-Profits” (near the top of the page); clicking on the entry starting “IRS announces One Time Filing Relief . . .” ; clicking on the 5th entry down – “list of…” and checking to make sure their organization is not on the list. If an organization is on the list, they must file a Form 990 by October 15th, 2010.
Greenfield encouraged the community to spread the word, “If you know someone who has a tzedakah, especially a small tzedakah, please do them a chesed and send them this story immediately so they can reach out to their accountants and file the necessary paperwork before the final October 15th deadline.”
The web link to file a Form 990-e with the IRS is: http://www.irs.gov/charities/article/0,,id=169250,00.html