Thursday, April 22, 2010

One-Fourth of Nonprofits Are to Lose Tax Breaks

Some nonprofits' tax breaks to end May 15

At midnight on May 15, an estimated one-fifth to one-quarter of some 1.6 million charities, trade associations and membership groups will lose their tax exemptions, thanks to a provision buried in the Pension Protection Act of 2006. An I.R.S spokeswoman said that while groups would lose their exemptions effective May 16, the I.R.S. would probably not send out notices until January to give nonprofits a chance to bring themselves into compliance with the law.

Learn more from The New York Times: