Many homeschool organizations that have tax exempt status are small enough they do not have to file any tax forms with the IRS. And now new IRS guidelines mean even more groups are free from IRS filing requirements!
Small exempt organizations can file the simple Form 990-N, the electronic postcard, instead of the longer Form 990-EZ or Form 990.
For tax years beginning on or after January 1, 2010, exempt organizations may file the e-Postcard if their annual gross receipts were not more than $50,000.
Gross receipts include every dollar your organization brings in, even if it goes out immediately too.
The e-Postcard is an electronic notice filed online at https://www.irs.gov/charities-non-profits/annual-electronic-filing-requirement-for-small-exempt-organizations-form-990-n-e-postcard
Would your homeschool group benefit from being tax exempt? Find out by reading The IRS and Your Homeschool Organization the pros and cons of tax exempt status.
The IRS and Your Homeschool Organization explains when and how often your homeschool group needs to interact with the Internal Revenue Service (IRS). Specific attention given to the application for 501c3 tax exempt status for homeschool organizations. Helpful to homeschool support groups, co-ops, hybrids, music, and sports groups.
Carol Topp, CPA
HomeschoolCPA.com
Helping Homeschool Leaders
Good summary of the rule change. Although, homeschool organizations need counsel with a CPA to determine different factors that go into non-profit compliance. I am a CPA in GA and find that many organizations are borderline with regards to compliance regulations and filing status.