LATINO HEALTH ACCESS (3) - Laserfiche WebLink

Home Browse Search

Page 3 Latino Center for Prevention and Action in Health and Welfare fund raising events may not necessarily qualify as deductible contributions, depending on the circumstances, See Revenue Ruling 67-246, Published in Cumulative Bulletin 1957-2, on page 104, which sets forth guidelines regarding the deductibility, as charitable contributions, of payments made by 'taxpayers for admission to or other participation in fundraising activities for charity, You are required to file Form 990, Return of Organization Exempt from Income Tax; only if your gross receipts each year are normally more than $25,000. However, if you receive a Form 590 package in the mail, please file the return even if you do not exceed the gross receipts test. If you are not required to file, simply attach the label provided, check the box in the heading to indicate that your annual gross receipts are normally $25,000 or less, and sign the return. If a return is required, it must be (tiled by the 15th day of the firth month after the end of your annual accounting period, A penalty of $10 a day is charged when return is filed late, unless there is reasonable cause for the delay, However, a maximum penalty charged cannot exceed $5,000 or 5 percent of your gross receipts for that year, whichever is less. This penalty may also be charged if a return is not complete, so please be .sure your return is complete before you file it. Youarenot required to file Federal income tax returns unless You are subject to the tax on unrelated business income under section 511 of the Code. If you are subject to this tax, you must file an income tax return on Form 990-T, Exempt organization Business Income Tax Return. In this letter, we are not determining whether any of your prese.nt or proposed activities are unrelated trade or business as defined in section 513 of the Code, You need an employer identification number even if you have no employees. If an employer identification number was not entered on your application, a number will be assigneo to you and you will be advised of it. Please use that number on all returns you file and in all correspondence with the Internal Revenue Service. Because this letter could help resolve any questions about your exempt status and foundation status, you should keep it in your permanent records. If the heading of this letter indicates that a caveat applies, the caveat below or on the enclosure is an integral part of this letter. If you have any questions, please contact the person.whose name and telephone number are shown in the heading of this letter,