JD Supra

IRS Revising Form 1024; New Technical Guides; Information for LLCs Applying for 501(c)(3) Tax-Exempt Status; Revised Form 4506-A; New Form 4506-B; Taxable Unrelated Business ...

As part of an ongoing effort to improve service for the tax-exempt community, the IRS is revising Form 1024, Application for Recognition of Exemption Under Section 501(a), and its instructions to ...
Accounting Today

IRS revamps application for 501(c)4 tax-exempt status

The Internal Revenue Service issued a revised Form 1024-A application Tuesday for tax-exempt status under Section 501(c)4 of the Tax Code, along with instructions permitting it to be filed ...
JD Supra

IRS Provides Long-Awaited Formal Guidance on 501(c)(3) LLCs

Since their rise to prominence in the 1990s, limited liability companies (LLCs) have become one of the most valuable tools in the corporate lawyer’s toolkit. Amongst all of the possible corporate ...
JD Supra

New IRS Technical Guide Creates a Resource for 501(c)(6) Trade Associations

The Internal Revenue Service (IRS) recently published a new Technical Guide for tax-exempt 501(c)(6) trade associations, business leagues, chambers of commerce, real estate boards, and other ...
JD Supra

Spotlight on Non-Profits: IRS Lowers Tax-Exemption Application User Fees for Certain 501(c)(3) Organizations

In the recently issued Revenue Procedure 2016-22, the IRS announced that it is lowering the user fee associated with the submission of Form 1023-EZ for organizations seeking recognition of their ...
JD Supra

New Electronic Form 8976 to Alert IRS About Section 501(c)(4) Status; 1023-EZ Application Reduced to $275

The Protecting Americans from Tax Hikes (“PATH”) Act of 2015, enacted in December 2015, requires organizations to notify the IRS if they desire to operate under Section 501(c)(4) of the Internal ...
JD Supra

IRS Denies 501(c)(3) Exemption to Insurance Provider

On April 10, the Internal Revenue Service (IRS) released LTR 202015035, a final adverse determination letter for an applicant seeking recognition of exemption under Internal Revenue Code Section 501(c ...
JD Supra

IRS Requires Electronic Filing of Revised Form 1023 for 501(c)(3) Applications

The IRS recently announced that Form 1023, Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, may only be filed electronically. Although the effective date ...
JD Supra

IRS Revokes Hospital's Exemption Under Section 501(c)(3) for Failure to Comply with Community Health Needs Assessment Requirements - Corridors October 2017

On August 4, 2017, the Internal Revenue Service (IRS) released its first revocation of a hospital’s tax exemption under Internal Revenue Code (IRC) Section 501(c)(3) for failure to comply with Section ...
The Chronicle of Philanthropy

IRS Awarded 501(c)3 Status to Nearly 80,000 Nonprofits Last Year

The number of organizations granted tax-exempt status grew for the fourth year in a row in 2017, climbing to 79,699, according to Internal Revenue Service data. That’s up slightly from 2016, when ...
JD Supra

New IRS Notification Requirement for Certain 501(c)(4)s

The IRS published temporary proposed regulations on July 12, 2016 that will impact all 501(c)(4) social welfare organizations formed after July 8, 2016. The proposed regulations will also impact many ...