Tax-Exempt Status in Danger
On Thursday, the NY Times published an article about how up to 400,000 tax-exempt organizations — including charities and trade associations — may lose their exemptions on May 15. [F]ederal legislation passed in 2006 required all nonprofits to file tax forms the following year. Previously, only organizations with revenues of $25,000 or more — or the vast majority of nonprofit groups — had to file. The new law, embedded in the 393 pages of the Pension Protection Act of 2006, […]
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