Several thousand Minnesota nonprofit groups are at risk of losing their federal tax-exempt status. The organizations have until today to comply with a new requirement by the IRS.
Small nonprofit groups must give the IRS some basic information by Monday to keep their tax-exempt status. Organizations that have less than $25,000 in financial activity every year must file a Form 990-N -- the nonprofit version of a tax return.
IRS officials said more than 3,000 nonprofits in Minnesota had yet to file the form. The affected organizations include some veterans and human services groups, pension funds, environmental and sports organizations and even cemeteries and condo associations.
Groups can request a three-month extension, but that must also be done by Monday. If they miss the deadline, they'd have to reapply for their tax-exempt status.
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