XLS: IRS list of tax-exempt groups yet to file returns BY THE NUMBERS250: Tax-exempt organizations listed in Chattanooga that have yet to file required forms72: Tax-exempt organizations listed in Cleveland, Tenn., that have yet to file required forms9,300: Tax-exempt organizations in Tennessee that have yet to file required forms325,000: Tax-exempt organizations nationwide that haven’t filed forms.Source: Internal Revenue Service
Mortgage bankers must deal with a dizzying array of paperwork to cope with changing financial conditions and regulations.
But like many groups with changing volunteer leaders, the Mortgage Bankers Association of Chattanooga hasn’t had to deal with government filing requirements for its own nonprofit association – until now.
The local mortgage bankers group is among 250 nonprofit organizations in Chattanooga in danger of losing their tax-exempt status under a 2006 law that requires all such groups, no matter how small, to file yearly reports with the Internal Revenue Service.
The IRS says it will remove the tax-exempt status of groups that don’t file a report by Oct. 15, cutting off tax breaks for donors to such groups and placing the affected organizations under state sales and income tax requirements.