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One of the little known provisions of the new health care law could have a really big impact on your organizations accounting and tax reporting for the calender year 2011. When Congress passed the 2010 Patient Protection and Affordable Care Act, one provision of this law was to require all businesses, including nonprofit organizations, to submit the Form 1099-MISCs to any vendor who was paid $600 or more during the calendar year. [...]    8,000 Nonprofit Organizations risk losing their Tax Exempt Status MassNonprofit.org posted on July 29, 2010 that over 8,000 Non-Profit Organizations in Massachusetts are at risk of losing their tax-exempt status because they failed to file required federal tax forms for the last 3 years. Organizations that have not complied with federal filing requirements have until October [...] All Non-Profits are Required to File Taxes When is the last time you filed? Stephanie Strom from the NY Times writes that on May 15th, many as 400,000 nonprofit organizations will lose their tax status if they have not been filing annual tax returns. [read full story here] Friday’s NY Times is a good [...] |
 
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