If you are a private foundation that is considering stopping your activities, there are right ways and wrong ways to do this most important step. Depending on how it is done, the foundation there may need to notify the IRS of intent to terminate and pay a termination tax. This way is viewed by some […]
Entries Tagged as 'Termination of private foundation status'
Termination of Private Foundation Status
December 6th, 2011 · Comments Off on Termination of Private Foundation Status · Federal Income Taxes, Private foundations
Tags:tax-exempt status·Termination of private foundation status
New IRS Form 8940 for Miscellaneous Determination Requests
August 21st, 2011 · Comments Off on New IRS Form 8940 for Miscellaneous Determination Requests · Form 990, Loss of Tax-Exempt Staus, Private foundations
The IRS has released a new form that tax-exempt organizations will use to request determinations (other than initial exemption applications) about their tax-exempt status. In addition to foundation status issues, organizations will use Form 8940, Request for Miscellaneous Determination, to obtain advance approval of certain activities and exemption from Form 990 filing requirements. The simple […]
Tags:Advance Approval Foundation Scholarship·Form 990·tax-exempt status·Termination of private foundation status