Monday, May 14, 2012

Tax-Exempt Organization Deadline Nears - Forbes

Tax-Exempt Organization Deadline Nears - Forbes: It’s important to remember that loss of tax-exempt status can spell disaster for some organizations: not only does it mean that the organization must file income tax returns and pay tax but perhaps more importantly, it means that donors cannot take tax deductions for contributions. The ability to claim a deduction is often the motivation for individuals to make a charitable donation; without it, many potential donors may go elsewhere (or not give at all). That means it’s crucial to stay compliant.

For most tax-exempt organizations, the key date is May 15. That’s the filing deadline this year for calendar year tax-exempt organizations (otherwise, it’s the 15th day of the fifth month following the close of the tax year).

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