2,300 Non-profits Lose Tax Exempt Status in Nevada

more+
less-

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 Among those whose status was revoked by the IRS were the Edgewood Tahoe Mens Club, the Lovelock Alfalfa Seed Growers and many more.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.

Please see full article below for more information.

LOADING PDF: If there are any problems, click here to download the file.


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Darrin Mish, Tampa Tax Attorney, The Law Offices of Darrin Mish, P.A. | Attorney Advertising

Written by:

more+
less-

The Law Offices of Darrin Mish, P.A. on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×
Loading...
×
×