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Question:
I just heard that the IRS is going to start requiring even very small nonprofits to file 990s. Is this true?
Answer:
Yes, and no.
Although still exempt from filing the 990 or 990-EZ, organizations whose annual gross receipts are usually $25,000 or less will be required to file the new 990-N, or "e-postcard", starting in 2008. The change, which is a result of the Pension Protection Act of 2006, is designed to provide the IRS with current, up-to-date contact and staffing information for these smaller nonprofits.
For more information, check out the IRS web briefing on the 990-N.
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