Write-Offs

July 26, 2007 | Read Time: 1 minute

The IRS is mailing letters to more than 650,000 small organizations that are required to file the new Form 990-N informational tax return. Tax-exempt organizations with gross annual receipts of $25,000 or less are required to file the form beginning in 2008. Previously, such groups were exempt from filing any informational returns with the IRS. Any organization that fails to file the form for three consecutive years will automatically lose its tax-exempt status. For more information: Go to http://www.irs.gov/newsroom/article/0,,id=172258,00.htm.
The House Ways and Means Committee is collecting comments from the public about tax issues that affect nonprofit organizations — including the IRS’s recent proposal to overhaul the Form 990 informational return and Congress’s passage of the Pension Protection Act of 2006. The committee, which has jurisdiction over federal tax policy, is holding a public hearing on July 24, but it says it wants more people to have a chance to offer their thoughts. The deadline for those comments is August 9. To submit a comment: Go to http://waysandmeans.house.gov/submissions.aspx. For more information: Go to http://waysandmeans.house.gov/hearings.asp?formmode=view&id=6224
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