New Filing Requirement for Small Land Trusts:
Beginning in 2008, small tax-exempt organizations will have a new filing requirement. The new e-Postcard (also called the Form 990-N) need to be filled out if you are a tax-exempt organization that normally has annual gross receipts of $25,000 or less and thus does not have to file Form 990 or 990-EZ, you now must file the e-Postcard. The e-Postcard is due by the 15th day of the fifth month after the close of your tax year. So if your organization operates on a calendar year, the e-Postcard is due by May 15 of the following year. Nonprofits that do not file risk losing their tax-exempt status. Visit the IRSwebpage for more information.
New 990 Form for Tax Year 2008:
On December 20, 2007, the IRS unveiled its updated Form 990 with the first major changes made since 1979. The new form will be used for the 2008 tax year starting in April 2009. The IRS modified and clarified the recently added questions regarding conservation easements. The Land Trust Alliance worked closely with the IRS on this new form.
