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Required to File

The Pension Protection Act of 2006 includes a provision that tax-exempt organizations with gross receipts in any taxable year less than $25,000 are required to file an electronic form on an annual basis setting forth:

The organization's legal name.
Any name under which the organization operates or does business.
The organization's mailing address and internet Web site address.
The organization's taxpayer identification number.
The name and address of a principal officer of the organization.
Evidence of the continuing basis for the organization's exemption from the filing requirements.
These requirements begin in 2008 for tax periods after December 31, 2006. The notice must be filed electronically on Form 990-N. The IRS is developing an electronic filing system and will publicize filing procedures when the system is completed and ready for use.

If and when the organization terminates, the organization must furnish notification of termination.

If the organization fails to file for three consecutive years, its exemption is considered revoked and the organization must apply to reinstate its tax exempt status. If the failure to file was due to reasonable cause, the reinstatement of exemption may be retroactive to the date of revocation.

The IRS has posted on its Web site further information regarding this new reporting requirement. Additionally, the IRS may also be contacted through Telephone Assistance for Exempt Organizations, Retirement Plan Administrators, and Government Entities Toll-Free at 1-877-829-5500.

This notice is informational and not intended as legal advice.


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