Non-Profits in Ventura County Lose Tax-Exempt Status - Is Your Non-profit at Risk?

Nearly 600 non-profit organizations in Ventura County received notices this past summer from the IRS stating that their tax-exempt status had been revoked due to non-filing of tax returns for the last three consecutive years. Although these organizations do not have to pay taxes, they are still obligated to submit abbreviated informational returns. This action is part of the IRS' efforts to weed out defunct non-profit organizations, but unfortunately has affected legitimately active non-profits, who are now not allowed to receive tax-deductible donations, and whose income will be taxable until their exempt status is reinstated.

 

If you are an officer or director of a local non-profit and have received such a notice from the IRS, do not wait to respond, as penalties may increase the longer the non-profit is non-exempt, and the non-profit will be required to pay such penalties prior to being reinstated. Should you require assistance in having your exempt status reinstated, or have other questions relating to your non-profit, you should attend the next complimentary seminar for Non-Profits on December 6 at Cypress Place Senior Living, or call Roy Schneider or Julie Saltoun, at 644-7188. Roy and Julie provide advice to numerous local non-profits throughout the tri-counties. Special non-profit rates are offered as a part of our belief in giving back to our Communities.