Nonprofits should seek to reinstate tax exempt status
The Shepherdstown Chronicle has learned that the Internal Revenue Service has revoked various Shepherdstown nonprofits’ tax-exempt statuses because they failed to file legally required paperwork for three consecutive years, according the IRS’ website.
The site listed 13 organizations with Shepherdstown mailing addresses that did not file annual information reports, as required by the Pension Protection Act, which Congress passed in 2006.
Many of these organizations appear to be obsolete; however, a handful or so of these nonprofits are still operating.
The revocation of their tax-exempt statuses means the organizations will have to begin paying taxes and will no longer be able to accept tax-deductible donations from patrons.
In the best interest of the organization’s survival and the continuation of growing support from community members, The Chronicle urges nonprofits that have had this status revoked for go about the proper channels to reinstatement. And for those nonprofits that still have the status, we charge administrators to be diligent in filing paperwork.
More to come on this issue in the coming weeks in The Chronicle.