CRITICAL TAX INFORMATION for all clubs
Beginning in 2008, small tax-exempt organizations (those with 501(c)(3), 501(c)(4), or 501 (c)(7) status) with gross receipts between $1 and $25,000 that previously were not required to file returns may be required to file an annual electronic notice, Form 990-N, Electronic Notice (e-Postcard) for Tax-Exempt Organizations not Required To File Form 990 or 990-EZ. This filing requirement applies to tax periods beginning after January 1, 2007.
Organizations that do not file the notice will lose their tax-exempt status
It is imperative that all clubs abide by this or you will lose your 501 (c) status – whether you are included under the state group determination or your club holds this itself. What it means is you now have to file regardless of your gross receipts. The information is basic and pretty straightforward and can only be filed online – THERE ARE NO PAPER FORMS for this filing.
When do I file?
The Form 990-N is required to be filed by the 15th day of the 5th month after the close of your financial year in 2008. As most clubs close at the end of a month, reference the table to see when you need to file your Form 990-N.
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If your club financial year closes :
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Your Form 990-N is due to be filed by:
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January 2008
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June 15, 2008
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February 2008
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July 15, 2008
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March 2008
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August 15, 2008
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April 2008
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September 15, 2008
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May 2008
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October 15, 2008
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June 2008
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November 15, 2008
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July 2008
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December 15, 2008
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August 2008
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January 15, 2009
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September 2008
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February 15, 2009
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October 2008
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March 15, 2009
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November 2008
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April 15, 2009
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December 2008
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May 15, 2009
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Your financial year refers to when you close the financial year and has no bearing on the new reporting year. Your club Bylaws may call this the “Club Year” and reflect the term of office. These should not be confused – many clubs closed their financials April 30 in the past and may still be doing this today even though the reporting year now closes December 31. If you need help with determining when you need to file, please feel free to contact the NJSFWC Junior Membership Finance Chair - Wendi Ann Sethi via the Jersey Juniors website link.
How do I file?
The IRS is developing an electronic filing system (there will be no paper form) for the e-Postcard and will publicize filing procedures when the system is completed and ready for use. You can routinely check the IRS website for updates at IRS.gov /charities & non-profits and look under IRS resources for e-file the select Charities a& non-profits in the table. Once here, you will need to scroll to the area where they talk about the new regulation.
You can copy and pasthis URL into your menu bar to access this section of the site directly for more information, but there is little there beyond what we have already passed on.
http://www.irs.gov/charities/article/0,,id=169250,00.html
You can also sign up for the IRS newsletter to receive automatic updates.
What Information Will the Annual Electronic Notice Include?
The notice will require you to provide the following information:
· Organization’s legal name
· Any other names your organization uses
· Organization’s mailing address
· Organization’s website address (if applicable)
· Organization’s employer identification number (EIN)
· Name and address of a principal officer of your organization ( Club President)
· Organization’s annual tax period
· Verify that your organization’s annual gross receipts are still normally $25,000 or less and indicate if your organization has terminated (is no longer in business).
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