A tornado slides across Oklahoma. Image courtesy NSSL/NOAA. Continued vigilance and quick response to tornado watches and warnings are critical, since tornadoes can strike virtually anywhere at any time. Most tornadoes are abrupt at onset, short-lived and often obscured by rain or darkness.
Most nonprofits and charities must keep books and records for a minimum of six years from the end of the last tax year to which they relate. This retention period will be extended if returns are late-filed or if there is a notice of objection or appeal underway.
In addition to keeping records of important decisions, your nonprofit corporation must record any financial transactions in a double-entry bookkeeping system and keep other financial records in order to file an annual corporate tax return. Tax-exempt 501(c)(3) nonprofits that influence legislation to any substantial degree face the loss of their nonprofit status. 2  However, for tax-exempt nonprofits that want to participate in lobbying, the IRS simply sets a limit on the money they can spend on political activities.