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CFA 2013 Tax Return

CFA_2013As it has in tax year 2012 Compact for America Inc filed a 990-N tax form with the Internal Revenue Service for tax year 2013 (Click image left to enlarge). Unlike the 2012 990-N tax form however the date of transmission to the IRS was not included. It can only be surmised therefore the tax information was transmitted to the IRS on time and the form was accepted by the Internal Revenue Service as the income tax return for Compact for America for tax year 2013.

Gross_Receipts(1)Compact for America again reported its gross receipts were under $50,000 or less for the tax year 2013. The IRS Regulation defining "gross receipts" changes for an organization using the 990-N tax form. In the first year of existence Compact for America was allowed to "receive, or donors have pledged to give $75,000 or less during its first taxable year. However when the organization has been existence "between 1 and 3 years and averaged $60,000 or less in gross receipts during each of the first two tax years" then it is qualified to claim gross receipts as $50,000 or less. Based on this regulation it can be stated the total gross income of Compact for America for its first two years of existence did not exceed $120,000. According to IRS Regulations, "Gross receipts are the total amounts the organization received from all sources during its annual accounting period, without subtracting any costs or expenses." As CFA filed a 990-N form for the tax years 2012 and 2013 there is no public record of the organization's costs or expenditures for those tax years.

Page Last Updated: 6 AUGUST 2017