Urgent-tax exempt status

[N4LML]

:mad:Well Jon W4ZW:confused:looks like you have been WRONGall along and DAVEhas been right. Just a simple check of the IRS web site would have told you. How stupid can you be you dope. You are such and idiot, now shut up.:)

[W4ZW]

:rolleyes:I guess there are more than one who can't read English. I forwarded the direct extract from the IRS to our Board in January. I have been informed that Dave has filed our required return. Every other 501c(3) organization I am associated with has always filed as required.


IRS Extract Attached:



Please refer to IRS Publication 557 and you will find that SERC is indeed required to file a 990-N since it is not “a church, an organization that is included in a group return, or a Private Foundation.” And has receipts less than $25,000. (Page 9). Further review of the filing requirements under the IRC Sec 501 says that if you are not in compliance with the FASB (accounting standards), then you are required to file a 990-EZ or 990. The FASB requires that “all property or cash contributed to a 501c(3) must be accounted for from receipt to disposition.”

I have extracted below the filing requirements for the past three years. Failure to file for three years results in automatic revocation of tax-exempt status.

I am not doing this to create a problem, but rather to solve one.

The new Form 990 series returns are effective for 2008 tax years (returns filed beginning in 2009). To allow organizations time to adjust to the new forms, the IRS is phasing in the new returns during a three-year transition period. During the transition, an organization’s annual filing requirement depends on its financial activity. The charts below indicate the general exempt organization filing requirements during the transition period.
2007 Tax Year
(Filed in 2008 or 2009) Form to
File
Gross receipts normally ≤ $25,000
Note: Organizations eligible to file the e-Postcard may choose to file a full return.
990-N
Gross receipts < $100,000, and
Total assets < $250,000 990-EZ
or 990
Gross receipts ≥ $100,000, or
Total assets ≥ $250,000 990

2008 Tax Year
(Filed in 2009 or 2010) Form to File
Gross receipts normally ≤ $25,000
Note: Organizations eligible to file the e-Postcard may choose to file a full return.
990-N
Gross receipts < $ 1 million, and Total assets < $2.5 million 990-EZ
or 990
Gross receipts ≥ $1 million, or
Total assets ≥ $2.5 million 990

2009 Tax Year
(Filed in 2010 or 2011) Form to
File
Gross receipts normally ≤ $25,000
Note: Organizations eligible to file the e-Postcard may choose to file a full return.
990-N
Gross receipts < $500,000, and
Total assets < $1.25 million 990-EZ
or 990
Gross receipts ≥ $500,000, or
Total assets ≥ $1.25 million 990

2010 Tax Year and later
(Filed in 2011 and later) Form to
File
Gross receipts normally ≤$50,000
Note: Organizations eligible to file the e-Postcard may choose to file a full return.
990-N
Gross receipts< $200,000, and
Total assets < $500,000 990-EZ
or 990
Gross receipts ≥ $200,000, or
Total assets ≥ $500,000 990