You are here

IRS Issues Procedures To Recover Lost Exemption

IRS Issues Procedures To Recover Lost Exemption

IRS Issues Procedures To Recover Lost Exemption

Automatic revocation for failure to file returns catches 275,000 nonprofits, though many defunct

The Internal Revenue Service has issued procedures to enable nonprofits to recover the tax-exempt status that they lost for failure to file required tax reports for three consecutive years.  The new requirement, which was included in the Pension Protection Act of 2006, has caught about 275,000 organizations that the IRS has listed on its website.  The filing requirement applies not only 501(c)(3) public charities, but also to private foundations and those exempt under other subsections of 501(c), such as (c)(4) community organizations, (c)(6) trade associations, (c)(7) social clubs and other types of organizations....

lock The full text of this article is available to paid subscribers only. Login or subscribe to read more

 

Sign-up for our weekly Q&A; get a free report on electioneering