- Avoid late filing of your tax returns
Did you know late filing for your tax returns without applying for extensions can cause payment of penalties? For example (Year 2010) when tax form 990 is filed late for an organization whose gross receipts is less than $1,000,000 a late filing penalty can be applied of $20 each day the return is late with a maximum penalty of $10,000 or 5% of the gross receipts whichever is less. This penalty increases when the gross receipts is more than $1,000,000 a year. For more information about this subject go to: What happens if form 990 is filed late
- Ensure your tax form 990 is completed properly
Did you know that incomplete tax return forms are treated the same as a return filed late as far as assessed penalties are concerned? Failure to complete one of the required schedules is treated as incomplete return. For more information about this subject go to: What happens if form 990 is filed late
- Grounds to lose tax exempt status
Did you know that failure to file your tax return form 990 on annual basis can lead to lose of tax exempt status? The fact is failure to file your tax return for 3 consecutive years can lead to lose of tax exempt status. For more information about this subject go to: Lose of Tax Exempt Status
- Annual tax filing requirement for Small Not Profits
Did you know that for tax years ending 2010 Not for Profits whose gross receipts are $50,000 or less are required to file Form 990-N, the so called e-post card.They can also choose to file a complete form 990. For more information about this subject go to: Annual Tax Filing for Small Not for Profits
