IRS wants nonprofits to e-file.The Internal Revenue Service ORS ORS oral rehydration salts. Oral Rehydration Solution (ORS) A liquid preparation developed by the World Health Organization that can decrease fluid loss in persons with diarrhea. ) will require tax-exempt tax-ex·empt adj. 1. Not subject to taxation, as the capital or income of a philanthropic organization. 2. Producing interest that is exempt from income tax: tax-exempt bonds. n. organizations with total assets of $100 million or more to electronically file their 2005 Form 990. The e-filing Filing income tax and other governmental forms online. requirement will take effect during 2006, and apply to 2005 returns due that year, the IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. said in a press release. In 2007, the IRS will expand the requirement to include tax exempt organizations that have $10 million or more in total assets, the IRS said. The IRS will require private foundations and charitable trusts The arrangement by which real or Personal Property given by one person is held by another to be used for the benefit of a class of persons or the general public. to e-file Form 990-PF regardless of asset size, the IRS said. The IRS expects that the e-filing requirement will cover up to 10,000 tax-exempt organizations by 2007. "The use of technology through electronic filing can improve both our service and enforcement missions," IRS Commissioner Mark W Everson said in a written statement. "Electronic filing will help speed tax processing and reduce audit cycle time. Speeding processes also will help identify emerging trends and abuses earlier, enabling the IRS to address problems before they get out of hand." |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion