Thousands of small non-profits, from Little League teams to community soup kitchens, could lose their tax-exempt status on Monday because of an IRS filing requirement that was part of the 2006 Pension Protection Act, a USAToday article this morning said.
"Previously, non-profits with annual revenue of less than $25,000 were excluded," the article said. "Non-profits that fail to file a return for three consecutive years lose their tax-exempt status. On May 17, the three-year clock runs out for non-profits that haven't filed a return since 2007."
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