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

[Al Klase]

NJARC is not a 501C entity, primarily because we didn't choose to do the 
paperwork.  We have been steering folks who need a tax write off to InfoAge.

Al



On 5/4/2010 6:50 AM, oldradio at comcast.net wrote:
> Just remember
> Reply = Poster
> Reply All = Everyone
>
> _________________________________________________________
>
> 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.
>
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-- 
Al Klase - N3FRQ
Jersey City, NJ
http://www.skywaves.ar88.net/