Network News

X My Profile
View More Activity
Posted at 11:31 AM ET, 08/24/2010

Md. nonprofits' tax-exempt status at risk

By Washington Post editors

More than 4,000 Maryland nonprofits face losing their tax-exempt status because they failed to file their financial information during the last three consecutive years, the Gazette reports.

The Internal Revenue Service used to guarantee lifelong tax exemptions to most nonprofits, but under new 2006 regulations, the IRS will now revoke exemptions for any organizations that have failed to file the proper paperwork for three years in a row. Religious and state institutions are exempt. GuideStar, a Virginia organization that tracks nonprofit finances, released a study showing that nationwide, 355,000 nonprofits are at risk of losing their tax-exempt status.

The first filing deadline that would have triggered loss of tax-exempt status was in May, but officers have since extended the deadline through October.

To read more about this story, go to the Gazette.

By Washington Post editors  | August 24, 2010; 11:31 AM ET
Categories:  Maryland  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz   Previous: Shooting victim was Catholic U student
Next: Bankruptcy filings rise in Maryland

No comments have been posted to this entry.

The comments to this entry are closed.

 
 
RSS Feed
Subscribe to The Post

© 2011 The Washington Post Company