TAXES: Requirements loosened for small charities

The Internal Revenue Service announced today that small tax-exempt organizations may be able to shift to a simpler form in filing their 2010 reports.

The IRS today issued guidance that will allow more tax-exempt organizations to file the e-Postcard rather than the Form 990-EZ or the standard Form 990.

For tax years beginning on or after Jan. 1, 2010, most tax-exempt organizations whose gross annual receipts are normally $50,000 or less can file the e-Postcard.

The threshold was previously set at $25,000 or less.

Annual Electronic Filing Requirement for Small Exempt Organizations — Form 990-N (e-Postcard)

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