For our nonprofit clients — don’t forget that May 15 is tax day! All nonprofit organizations need to file some type of tax return with the IRS. We continue to see many smaller organizations neglect this requirement. Even if your annual gross receipts are less than $50,000, your organizations still needs to file the annual e-postcard with the IRS. Failure to do so can — and in lots of cases has — resulted in a loss of tax exempt status. The postcard is very simple, and the only piece of financial information required is a confirmation that your gross receipts don’t exceed $50,000 for the year.
Ohio nonprofits that solicit charitable contributions also need to file their annual financial report with the Attorney General’s office. This, too, can be done on line, and requires only very simple financial information to complete.
