by, Paul Baldemoro

Azure Lorica has recently filed the Form 990-N, a requirement of all non-profit organizations that have gross receipts that are normally under $25,000, soon to be $50,000 on all tax years ending on or after December 31, 2010. However, it is important to note how vital the Form 990-N is to us as well as the community, because given the nature of how we rely on CPAs to do our taxes for us…it would be wise to at least be familiar with the subject.

What does this mean for Azure Lorica as a 501(c)3 non-profit organization?

In a nutshell, it means that we are a fully legal charity company in the eyes of the IRS. For you, the general public, it adds to our transparency so that you are fully guaranteed that we are serving your best interests. Our 990-N information is available to for public consumption here: http://www.irs.gov/app/ePostcard/

Why is the form 990-N and its equivalent tax forms (990 and 990-EZ) important to non-profit organizations?

Should a non-profit not file this particular tax form, the organization does not incur any penalties from the IRS but loses their tax-exempt status for the entire tax year.

In other words, you would be screwed.

The due date for the 990-N is the 15th day of the fifth month after the tax year ends and cannot file this tax form until the tax year ends. If you are part of a non-profit organization, and you are reading this, you better get on it right away!

Thankfully, the 990-N is also known to be the shortest tax form for non-profit organizations as it only requires eight pieces of information: employer identification number (EIN), tax year, legal name and mailing address, any other names the organization uses, name and address of principal officer, confirmation of receipts not exceeding the maximum amount allotted, and a statement if the business is going to be terminated or under the process of termination.

Seems easy, right?

With the filing of the 990-N, Azure Lorica will continue to service our community, so stay tuned!

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