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IRS Allows More Small Exempt Organizations to File E-Postcard - Emil Estafanous, CPA : Emil Estafanous, CPA

IRS Allows More Small Exempt Organizations to File E-Postcard

The IRS has lifted a sum profits threshold for Form 990, Return of Organization Exempt From Income Tax, from $25,000 to $50,000, permitting some-more tax-exempt organizations to equivocate filing a full Form 990 or 990-EZ (Rev. Proc. 2011-15).

Tax-exempt organizations are generally compulsory to record possibly a Form 990 or a shorter Form 990-EZ annually. Under Sec. 6033, organizations with annual sum profits of reduction than $5,000 are free from a filing requirement, and a IRS has management to forgive incomparable organizations from a filing requirement, during a discretion.

The IRS formerly had set a Form 990 sum profits threshold during $25,000 for Sec. 501(c)(3) organizations other than private foundations, though has now lifted a threshold to $50,000, effective for taxation years commencement on or after Jan 1, 2010.

Small tax-exempt organizations that are not compulsory to record Form 990 or 990-EZ underneath a new $50,000 threshold contingency generally record Form 990-N, Electronic Notice (e-Postcard) for Tax-Exempt Organizations Not Required to File Form 990 or 990-EZ, instead.

About Emil Estafanous, CPA
Certified Public Accountant (CPA) Tax Professional committed in representing taxpayers and resolving their tax problems.

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