Nonprofit "Doomsday"

(4-28-10) "As many as 400,000 nonprofits are weeks away from a doomsday," warns Stephanie Strom in The New York Times. At midnight on May 15, a law enacted as part of the Pension Protection Act of 2006 will require the I.R.S. to strip an estimated one-fourth of U.S. charities of their nonprofit status. Prior to 2006, only organizations with revenues of $25,000 or more had to file tax forms for the previous year. All nonprofits are now required to file and have had three years to comply; but all signs indicate that a slew of new, under-informed, and inactive organizations will be losing their status.

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