Fiduciary Reporting
A provision of a 2006 Pension Bill placed a filing mandate on smaller nonprofits (Under $25,000 in annual receipts) who faced automatic revocation of their exempt status if they did not comply. In response to over 320,000 organizations failing to meet the mandate, IRS issued one time relief under IR 2010-87 through Oct 15, 2010. Those organizations may file form 990N List of charities at risk of revocation and eligible for relief under IR 2010-87.
Read more about this topic: Form 8850
Famous quotes containing the word reporting:
“I have been reporting club meetings for four years and I am tired of hearing reviews of the books I was brought up on. I am tired of amateur performances at occasions announced to be for purposes either of enjoyment or improvement. I am tired of suffering under the pretense of acquiring culture. I am tired of hearing the word “culture” used so wantonly. I am tired of essays that let no guilty author escape quotation.”
—Josephine Woodward, U.S. author. As quoted in Everyone Was Brave, ch. 3, by William L. O’Neill (1969)