[NJARC] Fwd: IRS regulations for 501c Clubs!

[oldradio at comcast.net]

NJARC officers - take note.  This will apply to us too.  Infoage should check their status as well.
73, John Dilks


----- Forwarded Message -----
From: "ARRL Members Only Web site" <memberlist at www.arrl.org>
To: oldradio at comcast.net
Sent: Tuesday, May 4, 2010 6:17:06 AM GMT -05:00 US/Canada Eastern
Subject: Special News for Atlantic Division Clubs!

Atlantic Division News
May 3, 2010
Bulletin 2010-05


Is Your Club Facing the IRS Timebomb? -Urgent Message to All Radio
Clubs

Changes made three years ago to the federal tax laws could cause many
radio clubs to lose their tax-exempt status this year.  To protect
themselves, clubs that are tax-exempt under Section 501(c) of the
Internal Revenue Code must file the required IRS annual returns or
reports before the deadline, which is May 15 for those with calendar
years.

Many clubs have, at some time in the past, applied for tax-exempt
status under Section 501(c)(3) [charitable organizations], Section
501(c)(4) [civic leagues] or Section 501(c)(7) [recreational clubs]. 
Years ago, any club with gross receipts averaging less than $25,000 per
year was not required to file annual returns with the IRS.  However,
after 2006, such clubs had to file a Form 990-N, a simple “electronic
postcard” with minimal information, by the fifteenth day of the fifth
month after the close of each fiscal year.  Some clubs may not have
been aware of this new requirement or didn’t bother to comply.  Even
those that filed in a prior year may have neglected to keep up with the
required filings as officers changed from year to year.

Section 6033(j) of the Code provides that failure to file Form 990,
990-EZ or 990-N for three consecutive years results in revocation of
tax-exempt status as of the filing due date for he third return.  That
filing date for calendar year 2009 is less than two weeks away.  If you
are a club officer and are uncertain who is responsible for IRS filings
or whether such filings are current, you should determine your fling
status as soon as possible and take immediate steps to file the current
and any missed prior-year IRS forms.  Going forward, your club’s board
should assign the responsibility for compliance filings with a
designated officer and document that responsibility in the written
“job description” for the position so that subsequent holders of
the office are made aware of the requirements.  If you have questions
about your club’s status, you may wish to consult a CPA or other tax
advisor.