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Through collaborative leadership we supplied a pipeline of $812 million in new capital investment projects to strengthen and diversify the assets in Iowa. But beyond big number private-sector prospects we also work with the progressive small businesses, nonprofits, civic leaders, workforce, education institutions, utilities, transportation, housing, etc to maximize productivity and long-term prosperity in our evolving economic landscape.

Nonprofit Update: New IRS law on tax filing for small nonprofits

A new law went into effect that now also requires our nonprofits (other than churches) with income less than $25,000 to also file a yearly return or notice with the IRS just like those who earn more than $25,000. Starting, 2007 if an organization does not file as required for three consecutive years, the law provides that it automatically loses its tax-exempt status. Loss of exempt status means an organization must file income tax returns and pay income tax, and its contributors will not be able to deduct their donations.

The critical deadline is May 17 for organizations that use the calendar year as their fiscal year. What must be filed this year depends on the organization’s financial activity: See http://www.irs.gov/charities/article/0,,id=217087,00.html for more information.

Tama County has 183 registered nonprofits.


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