IRS Trims Tax Exempt Rolls by 275,000

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As reported in previous G&G Law Alerts (see Alerts from April and August 2010), tax exempt organizations that fail to file a required IRS Form 990 annual report (including the Form 990-N applicable to small organizations) for three consecutive years face automatic revocation of their exempt status. This statutory requirement went into effect with the 2007 annual report filing requirement, and is now affecting organizations that failed to file the applicable Form 990 for the 2007, 2008, and 2009 tax years. The IRS recently released a list of 275,000 organizations that have been trimmed from the tax exempt rolls, with revocation retroactive to the 2010 due date of the third consecutive unfiled 990. Although most of the 275,000 organizations are likely no longer in business, the impact of loss of tax exempt status for those that are still active is significant

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