New IRS annual notice requirement.The IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. began mailing educational letters in July July: see month. to more than 650,000 small, tax-exempt organizations that may be required to submit a new annual notice, Form 990-N, "Electronic Notice (e-Postcard) for Tax-Exempt Organizations Not Required to File Form 990 or 990-EZ." [ILLUSTRATION OMITTED] Tax-exempt organizations with gross receipts the total of the receipts, before they are diminished by any deduction, as for expenses; - distinguished from net profits. - Bouvier. See under Gross, a. os> See also: Gross Receipt of $25,000 or less were previously not required to submit information returns. Any organization that fails to meet its annual reporting requirement for three consecutive years automatically loses its tax-exempt status under the new law. An organization that wants to regain its exempt status will then have to reapply Re`ap`ply´ v. t. & i. 1. To apply again. reapply vi → volver a presentarse, hacer or presentar una nueva solicitud for recognition as a tax-exempt organization. More information is available at www.irs.gov/charities/index.html. |
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