Breaking News

Small, Not-for-Profit Organizations Face New IRS Regulations

Please note that if you are involved with a not-for-profit organization with less than $25,000 of revenue of any kind, the NFP organization is now required to file a Form 990N. This is a requirement no matter how small or inactive of an organization.

Form 990N must be filed ONLINE via the IRS website. There is no paper form available.

The form is simple and only asks for basic information about the organization. The idea is to flush out organizations that are no longer in existence and to keep track of all not-for-profit organizations, not only the ones who have to report on the Form 990 or Form 990EZ.

This requirement applies to PTO's, sports booster organizations, youth sports leagues, etc. Only certain religious organizations that are already exempt from filing requirements are exempt from this filing at this time.

The City of Beachwood is not providing tax advice. Each organization should seek its own professional to advise them.

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