Nonprofits lost tax-exempt status

Nationwide, nearly 275,000 non-profits lost their tax exempt status. Of that group some 14,000 were in the state of Florida and 230 were in Alachua County. For the most part, they were organizations that had failed to file reurns or notices for three consecutive years. My experience is that first and greatest hurdle to becoming a non-profit is getting past the start up process. However, equally challenging is the hurdle of getting the taxes done each year. If you don’t have someone on the board that is an accountant, auditor or tax lawyer it will cost about $800 a year to get all the paperwork filed. Don’t file the paperwork and you loose your status. By the same token, not being able to show back filings and the organization loses a tremendous amount of appeal to donors. The paperwork is a minfield from codes to the IRS and any one of those groups could stop you cold.

http://www.gainesville.com/article/20110611/ARTICLES/110619939

This entry was posted in Re-entry. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s