Tax-exempt organizations with gross receipts of $50,000 or less can now file the simple Form 990-N (e-Postcard) for tax years that begin on or after January 1, 2010. The previous threshold was set at $25,000 or less, so many small organizations will likely be able to take advantage of the new ruling. Please pay attention to these filing requirements because tax-exempt organizations that fail to file for three consecutive years automatically lose federal tax-exempt status. You then have to reapply with the IRS to regain tax-exemption, and may be taxed on income that falls between the loss and renewal of status.
Here’s a simple chart on the IRS Web site that gives guidance about which form you need to file, based on annual gross receipts or total assets: http://www.irs.gov/charities/article/0,,id=184445,00.html
Please leave a comment or send me an email if you have specific questions.