IRS delays deadline for nonprofits to file returns
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The Internal Revenue Service is giving a break to small nonprofits, including possibly thousands in Minnesota, that haven't filed tax returns for several years.
The IRS had warned nonprofits they could lose their tax-exempt status if they didn't file tax returns by May 17 of this year. Now, there's a new deadline of Oct. 15.
Jon Pratt, executive director of the Minnesota Council of Nonprofits, said small nonprofits face serious consequences if they don't file returns.
"You would lose your tax exemption. So, you'd no longer be eligible to receive tax-deductible contributions," Pratt said. "And donors to you, obviously part of the reason people give, they're conscious of tax consequences."
The IRS says some 5,500 Minnesota nonprofits haven't filed returns. They include veterans, youth sports, union, and professional groups. Many were established decades ago.
The IRS isn't sure how many are still active.
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