Form Instructions 990-PF for North Charleston South Carolina 2024-2025

Form Instructions 990-PF for North Charleston South Carolina: What You Should Know

A) For tax years beginning with fiscal year 2018, an organization shall file a return on Form 990 if the organization meets each of the following conditions: (i) An organization that has gross receipts and disbursements totaling at least 500,000 and disposes of property in this State in less than four times the taxable year of the return is not required, by section 481, to file a return if each year it disposes of one thousand dollars or more of taxable property. In these cases, each return filed shall be accompanied by a properly completed, signed statement by the organization certifying that the organization complies with all applicable provisions of the regulations. (ii) An organization that has gross receipts under 500,000 and disposes of property in this State in six or more taxable years (the four years prior to the taxable year of the return) is not required to file a return if it fails to notify the Secretary of State's Division of Public Charities of the failure to file a return. (iii) A tax-exempt organization established primarily for a religious, charitable, scientific, literary, educational, scientific and educational (including training) purpose, or for the prevention of cruelty to children or animals or support of bona fide research or similar activity and whose principal activity is the dissemination of knowledge shall not be required, by section 494 of the Internal Revenue Code, to file tax returns; as long as the organization has not earned taxable income in excess of the gross receipts received from those sources in a given year. In these cases, each return filed shall be accompanied by a properly completed, signed statement by the organization certifying that the organization complies with all applicable provisions of the regulations. The organization shall not be required to file a return under Section 494 if it has no tax-exempt status as determined by the Internal Revenue Service. (iv) An organization that has gross receipts under 250,000 in a taxable year under a single-entity structure and that disposes of all of its properties in this State in any one year is not required, by section 494, to file a return if it has paid or accrued in excess of 125,000 in property taxes due to the Department of Revenue in any one year. In these cases, each return filed shall be accompanied by a properly completed, signed statement by the organization certifying that the organization complies with all applicable provisions of the regulations.

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