Wealth & Risk Management Blog

William Byrnes (Texas A&M) tax & compliance articles

Higher Filing Thresholds Doubles for Non-Profits

Posted by William Byrnes on February 16, 2011


Why is this Topic Important to Wealth Managers? Discusses the new income reporting threshold for non-profit organizations.  Provides details on the new level of reporting required on Form 990 for 501(c) organizations.  

Generally the Internal Revenue Code requires the filing of an annual return by exempt organizations. [1]  However, there are certain mandatory exceptions to the annual filing requirement for exempt organizations provided by the Code.  [2] 

Further, the tax law provides that the Secretary of the Treasury, through the Commissioner of the Internal Revenue Service may relieve exempt organizations from the annual filing requirement if the Secretary determines that such filings are not necessary to the efficient administration of the internal revenue laws. [3]

Before, exempt organizations were relieved from the Form 990 (Return of Organization Exempt from Income Tax) filing requirement for organizations described in § 501(c) (other than private foundations) whose annual gross receipts are normally not more than $25,000. [4]

Read the full analysis and on similar issues – AdvisorFYI

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