AMARILLO, TEXAS -- Non-profits in the panhandle and across America could be at risk for getting their tax status revoked. Organizations could lose their federal tax-exempt status automatically if they have not satisfied the government's filing requirements for three consecutive years.
Certified Public Accountant's ProNews 7 spoke with said losing that status could have severe consequences. "They are at risk of having income be taxable to them and they're also putting the donors that made contributions to that organization at risk by not having their contribution be allowed on tax returns," said Gregg Morgan, the Vice President of Brown, Graham & Company.
The non-profits have until October 15, 2010 to submit the paperwork. We checked the list and there are several panhandle non-profits that were on the IRS list.
