Important news for club treasurers and presidents:
TAX FORM 990 UPDATE
from Serra's USA Council Treasurer Bob Campney
For Serra Clubs who never lost their tax exemption:
Reclassification of Serra International with the IRS has been successful – result:
- Clubs with annual revenue less than $50,000 can now file a 990N (quick “post-card” electronic filing)
- The “supporting” (donor deductibility) issue is removed.
However, the IRS Master File records may not have been fully updated for a few clubs. This may affect their ability to file a 990N. A request to correct this was filed with the IRS in early May. Contact Bob Campney at email@example.com
should you have any filing issues. These can be resolved.
For Serra Clubs whose exemption was revoked:
Tax exemption has been reinstated for 59 clubs. Reinstated clubs need to resume filing of their required annual Form 990.
But 23 clubs have yet to coordinate and pursue reinstatement. These clubs can contact Bob Campney at firstname.lastname@example.org to pursue their reinstatement.
Form 990 Filing Guidance – for Serra Clubs:
Clubs with annual revenue less than $50,000 can now file a Form 990N (quick “post-card” electronic filing). This includes roughly 95% of all Serra clubs. The 990 alternative forms are a Form 990EZ or full Form 990.
An email is being sent mid-June to all Presidents & Treasurers, which will include a 990N Filing Guidance document.
990 filing due date is the 15th of the 5th month following a club’s tax year end.
Most Serra clubs tax year end is May 31st – filing due October 15th.
We strongly suggest you file the annual 990 within 30 days following year end (i.e., file in June for clubs with a tax year end of May 31st).
- Expect the IRS to again begin to assess a Late Filing Fee – up to $25/day.
- Go-forward, expect these to be difficult to attain a waiver.
- Automatic Revocation of tax exemption occurs when a club fails to file a Form 990 for 3 consecutive years.
Do not hesitate – feel free to contact Bob Campney at email@example.com
or cell phone 402-639-4849, with questions.