Tax Guru – Ker$tetter Letter

Helping real people win the tax game.

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Posted by taxguru on July 14, 2002

Not Tax Filing Exempt

Just because an organization is recognized by IRS as exempt from taxation doesn’t mean that no tax returns have to be filed with IRS. In fact, as this rescue unit in Alabama discovered, there are very steep IRS penalties for not filing their 990 forms. They were nailed with $57,000 of penalties for not filing since 1997.

Filing requirements do vary; but normally a 990 is required to be filed with IRS if the organization had gross receipts of more than $25,000 during the year.

KMK

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