1/1/2008 - January 2008 SLI Newsletter
We begin the new year with new hope. We have met with pro-family groups and discussed the possibilities for the legislative session which begins February 5, 2008. We have already completed work on a new conscience bill (healthcare professionals objecting to doing abortions, etcetera) and the Umbilical Cord Banking Act bill. We will provide you with additional information on those in the near future.
Let us take this opportunity to also provide some very important information to you. We are contacted by and work with many nonprofit organizations, in addition to churches. While churches are exempt from applying for and obtaining tax exempt status and filing many of the tax reporting forms, other nonprofit organizations are not.
Until now, 501(c) organizations have been required to file Form 990 if their annual contributions exceeded $25,000. However, if the amount was less, no annual filing was necessary. That all changes this year.
Any 501(c) organization must now at least file a Form 990-N, an electronic filing. Organizations can still file Form 990-EZ and state they did not have contributions of more than $25,000. Either way, the form must be filed for tax years beginning after December 31, 2006. In other words, if you are a nonprofit organization, you will need to file one of the Form 990s early this year, 2008, for your contributions last year, 2007. The form must be filed by the fifteenth day of the fifth month after your tax year ends. Most nonprofit organizations are on a calendar year, meaning their tax year ends December 31. Therefore, your Form 990 filing must be done by May 15, 2008. If your annual contributions are over $25,000, you must file Form 990-EZ or Form 990 depending on the amount.
This requirement will begin this year and continue from year to year. If you do not file for three consecutive years, you will lose your tax exempt status. The only way you can get your tax exempt status back is to reapply as a new organization.
If you need further information on this, please let us know. We will be glad to help. Otherwise, you should be receiving a communication from the Internal Revenue Service when the filing procedure has been set up or you may check the Internal Revenue Service website at anytime for additional information. That website is www.IRS.gov.
As we send this letter to the publisher, we are receiving your year end contributions. Thank you for your support. Please continue to remember us in the new year with your prayers and financial support.
Yours very truly,
A. Eric Johnston
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