More than two dozen organizations in Gilroy are among
approximately 275,000 groups nationwide that have lost tax-exempt
status because they failed to file annual reports for three
consecutive years, the IRS has announced. Full article
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More than two dozen organizations in Gilroy are among approximately 275,000 groups nationwide that have lost tax-exempt status because they failed to file annual reports for three consecutive years, the IRS has announced.
According to a press release, the IRS believes most of these organizations are defunct, but it will take special steps to help any existing organizations apply for reinstatement of their tax-exempt status.
In 2006, the U.S. Congress passed the Pension Protection Act, which requires most tax-exempt groups to file yearly information returns. The law automatically revokes the tax-exempt status of organizations that do not file required returns or notices for three consecutive years, according to the IRS.
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