Nonprofits Could Lose Tax Exemption Status

According to the New York Times post on April 23, 2010, an estimated one-fifth to one-quarter of some 1.6 million charities, trade associations, and membership groups will lose their tax exemptions on May 15 at midnight thanks to a provision buried in a 2006 federal bill aimed at pension reform. If you have not filed taxes for three consecutive years, including those with revenue under $25k, you need to contact a tax professional immediately. Please reference the linked article for more information.