New 990 Filing Thresholds for 2010 tax Year

Do you know which Form 990-series return you are required to file for the 2010 tax year?  The 990 filing thresholds for the year 2010 and later (filed in 2011 and later) will change as follows for all organizations required to file a 990-series return:

  • Organizations with gross receipts normally < $50,000 must file Form 990-N (but may choose to file a complete Form 990 or Form 990-EZ).  In prior years only organizations with gross receipts normally < $25,000 could file the Form 990-N (“e-postcard”).
  • Organizations with gross receipts > $50,000 and  < $200,000 and total assets < $500,000 must file Form 990-EZ or a complete Form 990.
  • Organizations with gross receipts > $200,000 or total assets > $500,000 must file Form 990.
  • Private foundations must file Form 990-PF.

Other Important news from the IRS

Many eligible small tax-exempt employers may not be aware that they may be entitled to claim the Small Business Health Care Tax Credit,  enacted as part of the Affordable Care Act earlier this year.

“We want to make sure small employers across the nation realize that — effective this tax year — they may be eligible for a valuable new tax credit. Our postcard mailing — which is targeted at small employers — is intended to get the attention of small employers and encourage them to find out more,” IRS Commissioner Doug Shulman said. “We urge every small employer to take advantage of this credit if they qualify.”

In general, the credit is available to small employers that pay at least half the cost of single coverage for their employees in 2010. The credit is specifically targeted to help small businesses and tax-exempt organizations that primarily employ low- and moderate-income workers.

Marilynn

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