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Monday, January 21, 2013

Optimist Clubs, file on time!


Optimist International sent club leaders an Executive Update today that reminded US Optimist Clubs to submit their IRS tax form 990 by February 15. The text follows: 

All US Clubs' Tax Form 990 due by February 15, 2013
Clubs whose annual gross receipts are normally $50,000 or less are required to electronically submit Form 990-N, also known as the e-Postcard, unless they choose to file a complete Form 990 or Form 990-EZ instead. If you do not file your e-Postcard on time, the IRS will send you a reminder notice.

There is no penalty assessment for late filing the e-Postcard, but an organization that fails to file requirede-Postcards (or information returns – Forms 990 or 990-EZ) for three consecutive years will automatically lose its tax-exempt status. The revocation of the organization’s tax-exempt status will not take place until the filing due date of the third year.
How to File
Use this link to file the e-Postcard. If you have trouble accessing the system using that link, you may be able to access the filing site directly by typing or pasting the following address into your Internet browser:http://epostcard.form990.org. When you access the system, you will leave the IRS site and file the e-Postcardwith the IRS through their trusted partner, Urban Institute. The form must be completed and filed electronically. There is no paper form.
Information Needed to File e-Postcard

Completing the e-Postcard requires the eight items listed below:
Employer identification number (EIN), also known as a Taxpayer Identification Number (TIN).
Tax year
Legal name and mailing address
Any other names the organization uses
Name and address of a principal officer
Web site address if the organization has one
Confirmation that the organization’s annual gross receipts are $50,000 or less
If applicable, a statement that the organization has terminated or is terminating (going out of business)
Most of the Optimist Clubs in the PNW District qualify to use the e-postcard option. It's easy to do so please, don't risk losing your club's tax exempt status - file on time!