New I.R.S. Organizational Income Filing Requirement
Monday, June 2, 2008 at 11:15 AM
by Smiley
The U S Internal Revenue Service (IRS) now requires, under the Pension Protection Act of 2006, that all tax-exempt organizations file income statements each year .Here is how we will do it in the VFW Department of North Carolina.
1- If your post earns over $25,000 in gross income during your fiscal year, you must file an IRS Form 990 (which you should already have been doing, anyway!). Keep the same fiscal year you have been using in the past, be it the calendar year, the VFW accounting year (1 July-30 June) or the Department's fiscal year (1 June-31 May).
2 - If your post earns $25,000 or less each year, and you have access to the Internet, go to www.epostcard.form990.org/default.asp where you will find instructions on how to login and file your own post Form 990N Electronic Postcard. You may use whatever fiscal year you want, but for simplicity purposes, we suggest 1 July-31 June, because 1 July is the date that you transfer your Post Dues Reserve each year to the Post General Fund, and that will remind you to file. The IRS Internet site will not let you file the Form 990N until after the end of your fiscal year.
3 - If your post earns $25,000 or less each year and you do not have access to the Internet, we will file your Form 990N Electronic Postcard for you. There is no paper form that you can file with the IRS. If you do not file a Form 990 or 990N each year, your post will lose its tax-exempt status!!
Our address is P.O. Box 25337, Raleigh, NC 27611.
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Form 990N Declaration
Post ______does not have access to the Internet for Form 990N purposes.
Please file our Form 990N for us!
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Signature and Position
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