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IRS STREAMLINES APPLICATION PROCESS FOR NEW TAX-EXEMPT ORGANIZATIONS
- Article from:
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US Fed News Service, Including US State News
- Article date:
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September 8, 2008
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The U.S. Department of the Treasury's Internal Revenue Service issued the following news release:
The Internal Revenue Service and the Treasury Department today issued new regulations that will streamline the approval process for organizations seeking tax-exempt status as publicly supported charities.
The new regulations do away with the so-called advance rulings that granted public charity status for an initial five-year period but required exempt organizations to demonstrate, after the initial period, that they in fact received a substantial part of their support from public sources to receive a final determination letter.
The IRS was able to eliminate the advance rulings process because ...