NPO News: if you have a small tax-exempt NPO (i.e., 990-N and 990-EZ), you may qualify for a one-time-only tax relief offer from the Internal Revenue Service (and keep your tax exempt status!), but only if you’ve failed to file your returns for 2007, 2008, and/or 2009.
Whatever the case, be sure and check the IRS website (IRS.gov, of course) to see if your organization’s name is on the list. Even if you believe that your returns are in order, a quick trip to the website can remove any doubt. Better safe than sorry, after all!
NPOs on the list have a number of resources to get back in the IRS’ good graces. ”We are doing everything we can to help organizations comply with the law and keep their valuable tax exemption,” IRS Commissioner Doug Shulman said. “So if you do not have your filings up to date, now’s the time to take action and get back on track.”
US online casino sites are, of course, ineligible. However, the best casinos accepting USA players are still looking for a few more online gamers, if you’re interested. And don’t worry, you won’t need a loan refi — all of the sites have currency amounts that scale quite far in either direction!
Among the options are a simple filing extension (for NPOS that use Form 990-N) as well as a more involved Voluntary Compliance Program (VCP) for filers of 990-EZ. If the requirements of either offer are completed by October 15th, the NPOs will avoid the difficulty of reapplying for tax-exempt status (as well as potential taxes on any money received during the interim!).
NOTE: NPOs that file using the standard Form 990 or the private foundation Form 990-PF will NOT have these options.
Are you a civic- minded person looking for a nonprofit organization? Or looking for information on how to start up a non-profit organization? We’ve got your back.
Throughout the pages at Civicmind.org, we list out some of the most notable non-profit organizations along with doling out helpful information on the general requirements needed to begin your own. Hopefully, these two elements will combine forces that will inform and inspire in equal measure.
Here’s a general definition of non-profits:
A nonprofit organization, or NPO, is an organization that doesn’t distribute its surplus funds to owners / shareholders. Rather, it uses them to help further for self-preservation, expansion and future plans. Non-profits can include charities, trade unions, and public arts organizations. A key difference between a NPO and a for-profit corporation is that a nonprofit doesn’t issue stock or pay dividends, and isn’t allowed to enrich its directors. Note a distinction, though, nonprofits can still have paid employees and can compensate their directors as long as it’s within reasonable bounds.
Note that many government agencies actually meet this NPO definition, but in most cases, they’re considered a different kind of organization.
In the US, NPOs are created by incorporating in the state in which they’re expected to do business. Just like for-profit corporations, the very act of incorporating creates a legal entity that enables the NPO to be treated as a corporation under law, and it can now enter into business dealings, form contracts, and own property.
Nonprofits can have members, or can opt not to. It can also be an association or members or a trust. The NPO may be controlled by its members, who elect its Board of Directors, Board of Governors or Board of Trustees. NPO can follow a delegate structure that allows for the representation of groups or corporations as members. Or, it may be a non-membership based organization, in which case the board of directors elects its own successors.
So, bottom line: Non-profit companies actually turn a profit. If you want to turn a profit, consider playing online slots for money!