990PF Retroactive Reinstatement - Spidell

990PF Retroactive Reinstatement

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Message Board 990PF Retroactive Reinstatement

This topic contains 0 replies, has 1 voice, and was last updated by Maureen Luis 1 week, 6 days ago.

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    Maureen Luis

    I am assisting a 990PF with retroactively reinstating their 501c(3) status.  The previous tax preparer told them to just not file their taxes and the IRS would forget about them….?!?!  I have come across the issue that they could be subject to taxes for not spending a large portion of their yearly income and am wondering if I can file form 8940 with the delinquent tax returns asking for set-asides for the three years to have their income not taxed as they do have a project they have been saving for and will break ground on in late 2019 or beginning of 2020.  If this is not a valid plan can anyone advise me of other options that might be available?