Tuesday, June 28, 2011

IRS Revokes El Paso Philatelic Society's Tax Exempt Status

The El Paso INC. website is reporting that the El Paso Philatelic Society has lost its nonprofit status as a result of not filing the required forms.

According to reporter Robert Gray, "The Internal Revenue Service has revoked the tax-exempt status of nearly 500 El Paso non-profits for failing to file their annual returns, thinning the number of registered non-profits in El Paso by nearly 36 percent, according to IRS records."

Gray goes on to say, "After offering several months of extensions, the IRS published a list June 8, automatically revoking the tax-exempt status of 275,000 non-profits nationwide. California had the most revoked organizations, 33,733, followed by Texas with 21,468."

"The 489 revocations in El Paso are part of the IRS’s efforts nationwide to purge its books of inactive and defunct non-profit organizations and ensure they comply with the yearly filing requirements," Gray says ."The IRS uses Form 990 to keep nonprofits accountable, disclosing revenue, expenditures and compensation of officers and directors."

Bob Ottenhoff, president of GuideStar, an organization based in Washington, D.C., that tracks non-profit filings and publishes them online, is quoted in the piece as saying, "“It is a reminder to non-profit organizations that there are certain rights and obligations that come with being a non-profit, and if you are going to ask for non-profit status, you need to do a few things – like file a simple report every year with the IRS."

To read the entire article, click here.
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posted by Don Schilling at 12:01 AM