New Tax Law Gives Nonprofits More Paperwork

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The 2006 Pension Protection Act has made it mandatory for all nonprofit organizations to file annual returns to the IRS to keep their tax-free status. Failure to do so for 3 consecutive years will result in the revocation of their status as nonprofit organizations with tax-free privileges, which in turn means that all donations made to them would not qualify for tax deduction. In addition, federal grants would also diminish as these grants are usually only given to nonprofit organizations. For most nonprofits, this is like a death sentence.

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

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