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In prior years, certain tax-exempt organizations whose gross receipts did not normally exceed $25,000 were exempt from filing the standard Form 990. Now, this threshold is $50,000, and for tax years beginning on or after January 1, 2010, such organizations must submit a Form 990-N “e-Postcard” annually (rather than the Form 990-EZ or Form 990 required of larger organizations). Private foundations and supporting organizations may not file the Form 990-N.
An organization will be considered to have annual gross receipts “normally not more than $50,000” if the organization’s average annual gross receipts for the last three taxable years is $50,000 or less. For entities in existence only one year, gross receipts may not be more than $75,000. For entities in existence between one and three years, the average gross receipts for its first two taxable years must be $60,000 or less.
If you have any questions regarding the Form 990, please feel free to contact one of the attorneys listed below. You may also view the alert in the PDF linked below.
To ensure compliance with requirements imposed by U.S. Treasury Regulations, Haynes and Boone, LLP informs you that any U.S. tax advice contained in this communication (including any attachments) was not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.
*Board Certified – Estate Planning and Probate Law and Tax Law by the Texas Board of Legal Specialization.