IRS gives small charities a break for missing deadline - WKOW 27: Madison, WI Breaking News, Weather and Sports

IRS gives small charities a break for missing deadline

WASHINGTON (WKOW) -- Small charities that missed tax filing deadlines are getting a break.

The IRS said it's giving more than 200,000 small charities that missed a tax deadline on Monday a waiver.

Otherwise, they could lose their tax-exempt status.

A 2006 law required nonprofit organizations with receipts of less than $25,000 to file tax returns for the first time in 2007. If charities fail to file for three years, they lose their tax-exempt status.

Monday was the 2010 filing deadline, but IRS Commissioner Doug Shulman says his agency will issue guidance soon on how charities that missed the deadline can keep their tax-exempt status.

In the meantime, Shulman is urging charities that missed the deadline to file as soon as possible.

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