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Revenue and Taxation staff brief mayors on nonprofit tax-exempt status, fundraising and alcohol sales
Summary
Department of Revenue and Taxation presenters told village leaders to confirm tax-exempt status, file Form 990 annually and plan ahead for alcohol permits because the alcoholic beverage board meets monthly.
Marie, a presenter from the Guam Department of Revenue and Taxation(Business Privilege Tax area), told mayors and municipal staff at the Mayor's Council meeting that organizations must confirm whether they hold tax-exempt status before staging fundraisers and events.
She said organizations with prior tax-exempt status must file an annual information return (Form 990) each year; failure to file Form 990 for three consecutive years can lead to automatic revocation of tax-exempt status. Marie urged mayors to start reinstatement processes early if an organization's exemption has lapsed, because restoration requires agency review and is not quick.
The presentation covered related topics: events that charge admission should be…
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