153 Whatcom County not-for-profit organizations just lost their IRS-given tax-exempt status for “failing to file an annual information return or notice with the IRS for three consecutive years.”
Losing that status subjects organizations to paying taxes on future donations. But, upon closer examination, it appears the revocation is effective as of May of last year. This would put all donations received since then in the taxable income column of the organizations’ tax returns.
275,000 nonprofits across the nation lost their tax-exempt status this way. It is likely that many are no longer operating but this could come as a very big surprise to the rest.
Whatcom County organizations on the list Continue reading “Did the IRS just revoke your not-for-profit status?”