In Nevada, more than 2,300 non-profit organizations of all kinds lost their tax-exempt status. Among those whose status was revoked by the IRS were the Edgewood Tahoe Mens Club, the Lovelock Alfalfa Seed Growers and many more. In fact, most of the organizations lost their status in 2010 but their revocations were posted by the IRS just last year. This was part of a wider nation-wide action that saw more than 275,000 non-profits lose their tax-exempt privileges because of non-compliance with annual tax filings last year.
What does this imply? Losing tax-exempt status means that the non-profit organizations are required to pay income tax to the federal government based on their yearly income. In addition, these organizations may also have to pay back taxes from the date of revocation if they have any. It also means donors who donate to these organizations will no longer be able to claim tax deductions for their contributions after the date of revocation.
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