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The IRS recently announced small tax-exempt organizations may be able to shift to the filing of the simpler Form 990-N (e-Postcard) rather than the Form 990-EZ or the standard Form 990 for their 2010 annual information reporting.
According to Revenue Procedure 2011-15, for tax years beginning on or after January 1, 2010, most tax-exempt organizations with annual gross receipts not normally more than $50,000 can file the e-Postcard. In previous years, this threshold was set at $25,000.
An organization’s annual gross receipts are normally not more than $50,000 if the organization meets the following conditions:
- Gross receipts, including amounts pledged by donors, are $75,000 or less during its first tax year.
- Average annual gross receipts for its first two tax years are $60,000 or less.
- Average annual gross receipts for the immediately preceding three tax years, including the tax year for which the return is filed, are $50,000 or less.
For tax years ending on or after December 31, 2010, tax-exempt organizations with gross receipts of $200,000 or more or with total assets of $500,000 or more must file Form 990. Tax-exempt organizations with gross receipts less than $200,000 or total assets less than $500,000 are eligible to file the shorter Form 990-EZ. Organizations excluded from the IRS annual filing requirements for tax-exempt organizations include certain church-affiliated groups and governmental organizations.
Posted Feb 23 2011, 02:26 PM by Scott Smith
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