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Topic
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NINJA Question –
All private foundations must file annual information returns with the IRS. Most other tax-exempt organizations are required to file annual information returns only if their gross receipts exceed a specified level. That level is:
A: $10,000
B: $25,000
C: $50,000
D: $75,000
The “correct” answer is B.
For nonprofit organizations that are not private foundations or religious organizations, an annual information report to the IRS is not required until the group’s gross receipts exceed $25,000 annually.
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Isn’t the answer is C: $50,000?!
An exempt organization (other than a private foundation) that normally has annual gross receipts of $50,000 or more ($25,000 for tax years ending before December 31, 2010) is required to file an annual information return. As you can see, the text you read was probably referring to tax years before December 31, 2010 however I cannot confirm your outside resource on this subject.
The $25,000 is for tax years ending before Dec 31,2010.
Please correct me if I am wrong. Thanks.
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