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IRS Reporting

  • Several chapters have contacted the National Office concerning filing the new e-Postcard for Tax Exempt Organizations with $25,000 or less in income.
    Every chapter without exception must file the e-Postcard if income is $25,000 or less. NO EXCEPTIONS. This applies to chapters whose funds are managed by their university. Several chapters have been told by their university that the chapter is not required to file the e-Postcard. THIS IS NOT TRUE! We have contacted the IRS for clarification. The university is acting as your “banker”. There is no difference between the university acting as the banker or depositing your funds in a bank account off campus.
  • The e-Postcard is easy to complete. You do need to keep complete financial records for your chapter. Keep a complete record of all sources of income (dues, fund raisers, etc.) and all expenditures.
  • FAILURE TO COMPLY WITH THE REGULATIONS SET BY THE INTERNAL REVENUE SERVICE CAN RESULT IN LOSS OF YOUR TAX EXEMPT STATUS. Your chapter would then be required to file a FORM 990 and pay income tax on the income.

 

Chosen health professions include careers in medicine (allopathic and osteopathic), dentistry, optometry, podiatry, veterinary medicine and other health care professions requiring post baccalaureate study leading to an advanced degree.