Do NOT Forfeit your society’s tax exempt status!!!
As noted in the last blog, the state has not been good about letting societies know what forms need to be filed. Starting with the tax year 2010 all societies are required to file an annual return. This is very important to note. There is a 3 year forgiveness and we are now in the third year of that. If you do not file this year you may lose your Tax Exempt Status. That would necessitate starting the process all over.
For most societies this means a 199-N. This can easily be filed online. You will need your gross income for the filing year and your Tax ID. An explanation of what you will need can be found at Filing Requirements.
You will find a fill in version of the 199 online. Once you’ve filled it out you can save and print it for filing by mail. It is possible to file for 2010 and 2011 at the same time. If you hit the back arrow on your browser after the filing goes through, the information will still be in the form. Change the year, gross income and anything else that might have been different for that filing year and submit again.
Part 5 or 7