Small Charities Face October Deadline on Tax Status

Tens of thousands of small charities will soon lose their tax-exempt status under federal law if they fail to meet a deadline for filing a simple eight-item informational tax form that would take them as little as five minutes to complete.

The consequences are significant for organizations that fail to file the new form with the Internal Revenue Service by October 15. And the deadline could have ripple effects throughout the nonprofit world, as organizations and the IRS will likely have to work for months to restore lost exemptions.