North Carolina Medical Society Component County Medical Societies
Tax-Exempt Filing Threshold Raised
Tax-exempt organizations are required to file annual reports with the IRS. Those with gross receipts below a certain threshold amount can file an E-postcard rather than a longer version of Form 990. The IRS has just raised that threshold amount to $50,000 of gross annual receipts, an increase over the previous filing threshold of $25,000.
The deadline for nonprofit filings is the 15th day of the fifth (5th) month after the tax-exempt organization’s year-end. For calendar-year organizations, the filing deadline for 2010 reports is May 16, 2011.
If you have questions, please contact your organization’s tax advisor, CPA or Accountant for more information or give Don Wall or Yahaira Botello a call at the Medical Society.