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PTA
Audit Alert!
Every PTA is required to
complete and end of year audit! This is a requirement for remaining
a local unit/council in good standing. Click
here for more important audit information.
Attention
Treasurers - New IRS Requirements for ALL PTAs
The
IRS is currently sending out notification of the information below,
requiring each local unit to file appropriate IRS forms.
- If
your unit will gross less than $25,000 dollars for the fiscal
year, you will file the 990-N postcard.
-
If your PTA's gross receipts for the fiscal year are more than
$25,000 you must file Form 990 and Schedule A.
- PTAs
with gross receipts less than $100,000 and total assets less than
$250,000, may file Form 990-EZ instead of Form 990.
All
IRS Forms are due the 15th day of the fifth month after the close
of the PTA's fiscal year. (For example, if the PTA's fiscal
year ends June 30, the form is due November 15.)
These are new requirements for PTAs and all information
must be shared with the incoming officers for school year 2008-2009
as the incoming treasurer will be responsible for assuring the proper
forms reach the IRS.
Currently you may set up your password and ready the account for
the actual filing of the 990-N which cannot be sent in until the
end of your local unit's fiscal year.
New IRS Filing Requirements
for Small Tax-Exempt Organizations
Most tax-exempt organizations with gross receipts under
$25,000 must file Form 990-N.
What is Form 990-N?
Form 990-N is a short form which is filed electronically
on the IRS website. Go to www.irs.gov/charities
to find the form and instructions. Look for the
heading "Annual Electronic Filing Requirement for Small Exempt
Organizations - Form 990-N (e-postcard)."
When must Form 990-N be filed?
Form 990-N is due on the 15th day of the 5th month after
the close of the tax year. For organizations with a tax year
ended June 30, 2008, the first 990-N is due November 15, 2008.
Is filing Form 990-N mandatory?
Yes. Failure to file Form 990-N can lead to loss of tax-exempt
status.
Protect the tax-exempt status of your
organization. Make sure the organization
files before the due date. Have the following information
in front of you before you log onto the site:
- The organization's
federal employer identification number
- The organization's
fiscal year end (e.g. December 31)
- The organization's
full name and address
- The name of
a principal officer of the organization
- The organization's
website address if it has one
- The organization's
gross receipt for the tax year, to confirm that gross receipts
were $25,000 or less.
Late
Filing or Failure to File the e-Postcard
An
organization that fails to file required e-Postcards (or information
returns-Forms 990 or 990-EZ) for three consecutive years will automatically
lose its tax-exempt status.
References: www.irs.gov/charities
and National PTA
If you have further questions, contact State
Treasurer, Melody Richitelli at 404-659-0214 or at treasgapta@bellsouth.net.
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