Did Your Non Profit Lose its Tax Exempt Status?

Essex & Associates::www.essexinc.biz June 19, 2011

Greetings!

The Internal Revenue Service said Wednesday, June 8 that approximately 275,000 organizations have automatically lost their tax-exempt status under the law because they did not file legally required annual reports for three consecutive years.

Congress passed the Pension Protection Act in 2006, requiring most tax-exempt organizations to file an annual information return or notice with the IRS.

For small organizations, the law imposed a filing requirement for the first time in 2007.

In addition, the law automatically revokes the tax-exempt status of any organization that does not file required returns or notices for three consecutive years.

Going forward organizations that are on the auto-revocation list that do not receive reinstatement are no longer eligible to receive tax-deductible contributions, and any income they receive may be taxable.

Existing organizations that seek to have their tax-exempt status reinstated must complete an application and pay a user fee regardless of whether they were originally required to file such an application.

More information on the reinstatement process, including retroactive reinstatement, can be obtained through a professional tax preparer.

Wishing you many happy returns,

Wayne

Wayne T. Essex Ph.D.

Essex & Associates

Tax, Accounting, HR, Payroll

7501 Paragon Road

><> 937.432.1040 <><

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“Wayne Essex and his staff are very personable & knowledgeable in the financial realm. They were a great help with our taxes including my wife's Mary Kay business. We will be using them again. On a personnel note: If you ever get to hear Bro. Essex speak or preach, you will not be disappointed. Great Results, Good Value, High Integrity!
Jeffrey Scott Gabbard
November 23, 2011

“I came to Wayne after getting a recommendation from a business client and I'm extremely happy with the results that his firm provides for my small business. They have always taken the time to recommend ways that my small company can improve the bottom line.
John Johnston
April 24, 2011

“Wayne is a highly professional Accountant. He is an expert in his field. His company & associates work very hard to get you the best possible results. I highly recommend his company to anyone who is serious about their professional and personal well being.
Al Gilmer Co Owner H & A Limousine & Sedan Service
May 14, 2008

“Wayne is a man of integrity who works hard to maximize value for his clients while helping them to achieve life goals. Wayne is exceptionally sharp and has an unusually strong grasp of tax law.
Craig A. Steffen,
July 6, 2007

“Wayne is exactly what you are looking for when it comes to financial and tax advice - lots of knowledge, honesty and integrity. July 6, 2007
Principal & Co-Founder, Advanced Technology Consulting, Inc. David Goodwin
July 6, 2007

April 17, 2012* 2011 Federal Tax Return Tax Day for Tax Year 2011
Filing deadline and due date for Federal Income Tax Returns.

April 17, 2012 2011 State Tax Return Due date for most State Income Tax Returns.

April 17, 2012 2011 Federal Tax Extension Due date for Tax Extensions for 2011 Federal Income Tax Returns.

April 17, 2012 2011 State Tax Extension Due date for most State Income Tax Extensions.

October 15, 2012 2011 Federal Tax Return Last day to e-file a 2011 Income Tax Return for Tax Extension filers and late Tax Return filers.

April 15, 2015 2011 Tax Amendment You can file an Amended Return anytime, but you have a deadline of 3 years from the original due date to claim any tax refund.

No Deadline Previous Year Tax Returns You can file a Tax Return for a previous tax year anytime, but you can only claim a refund within 3 years of the original tax deadline.

Official IRS 2012 Deadlines PDF