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New Annual Electronic Filing Requirement for Small Tax-Exempt Organizations
e-Postcard (Form 990-N)
This means all Pi Omega Pi Chapters must file a 990-N Form for 2007 and after. It has been determined that since each Pi Omega Chapter is a subchapter and is tax exempt, but has receipts less than $25,000 a year, each Chapter needs to submit Form 990-N. This submission will take place after January 1, 2008, but before April 15, 2008. This requirement is a result of the Pension Protection Act of 2006 and is for tax periods beginning after December 31, 2006. If a chapter fails to file, it will lose its tax-exempt status after three warnings.
Form 990-N will answer questions about the 990N form. This form will be available as of January 1, 2008. The form will be available in electronic form only and is called an e-postcard. Therefore, it is informational only; chapters should anticipate not having calculations.
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