Friday, August 27, 2010

Libraries & Friends at Risk of Losing Exempt Status

I mentioned this before, but I saw this on a library listserv:

"I noticed a number of libraries, Friends Group and library bookstores listed on the NY list from the IRS of small organizations at risk of losing their tax exempt status.

"Organizations that fail to file for three consecutive years automatically lose their tax-exempt status. The IRS is providing one-time relief to allow small tax-exempt organizations to come back into compliance by October 15, 2010, and retain their tax-exempt status even though they failed to file for three consecutive years."

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