IRS will rule on new exempt classification

The Internal Revenue Service has issued a new Revenue Procedure (2024-5) providing that it will now issue a determination letter to an organization currently recognized as a charity described in section 501(c)(3) of the Tax Code that seeks recognition as an organization described in a different paragraph of section 501(c).

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May 30, 2025

The loan agreement says: “All contractual rates of interest chargeable on the outstanding Term Loans shall continue to accrue and be paid even after default, maturity, acceleration, judgment, bankruptcy, insolvency proceedings of any kind or the happening of any event or occurrence similar or dissimilar.”

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IRS will rule on new exempt classification

IRS will rule on new exempt classification