Nonprofits: Mon., May 17 is your big day with the IRS

NPR has a report (click here for the audio version) on a challenge confronting nonprofits: complying with the reporting demands of the IRS.  “More than 200,000 small charities and nonprofits could lose their tax-exempt status next week if they don’t file a federal tax form by Monday. But many groups could be unaware that they’re even supposed to file the form.

The requirement goes back to a 2006 law that says nonprofits with revenues of $25,000 or less have to start filing annual tax forms — something they never had to do before. The law also says that if they fail to do so for three years in a row, their tax-exempt status will be immediately revoked.”   This year, the deadline to file is Mon., May 17, 2010.

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