CURRENT EVENTS----updated January 26, 2010 Not for Profit Organizations need to Preserve Tax-Exempt Status:  Most tax-exempt organizations, other than churches, must file an annual Form 990 series return with the IRS. It is important to file a timely return because an organization that does not file a required Form 990, 990-EZ, 990-PF or 990-N (e-postcard) for three consecutive years will automatically lose its Federal tax-exempt status. Non-filers will be subject to automatic revocation for the first time beginning in 2010. See IR-2010-10 for more information. STAFF ANNOUNCEMENT:  We are happy to welcome William T. (Tommy) Falkenberry to our staff. . He joined Gay & Joseph in August, 2009 and his area of expertise is auditing and accounting services. Tommy is a CPA with over 19 years experience.  2010 Roth IRA Conversion Opportunities:  The Tax Increase Prevention and Reconciliation Act of 2005 changed tax legislation enabling new opportunities for Roth IRA conversions to take place in 2010 and future years. There are advertisements promoting these conversions in broad generalizations and hoping to capture your IRA conversion business. There are advantages and disadvantages of making the move from your IRA or 401(k) into Roth IRAs. Before you take action, consult a member of our staff to determine if a Roth IRA Conversion is right for you. There is more information  about this topic on the ARTICLES page of our web site.                DUE DATES for 2009 Calendar Year Returns Corporation tax returns are due on March 15, 2010, and may be extended until September 15, 2010. Individual tax returns are due April 15, 2010, and may be extended until October 15, 2010. Partnership and Fiduciary tax returns are due April 15, 2010, and may be extended until September 15, 2010. Nonprofit & Tax-Exempt Organization tax returns are due May 17, 2010, and may be extended until August 16, 2010. Retirement Plan tax returns are due July 31, 2010, and may be extended until October 15, 2010.             RETIREMENT PLAN DOCUMENTS are required to be Re-Stated by April 30, 2010. All Plan Documents must be restated to comply with the Pension Protection Act of 2006 and other legislation that had an effect on retirement plan provisions.   In addition the PPA of 2006 Amendment must be adopted by all Plans before December 31, 2009. If you sponsor an Employer Retirement Plan for your employees, you will need to take action before April 30, 2010. It may be to your advantage to re-state the plan in 2009 in order to apply some of the favorable provisions of the recent retirement plan legislation in 2009, rather than waiting until 2010.  If you have questions, or need assistance, contact Sidney@gjcpa.com.