Hospitals Back Leeway On New Tax-Exempt Reporting Rules

Law360, New York (March 13, 2014, 2:21 PM EDT) -- An association of nearly 5,000 hospitals on Wednesday threw its weight behind proposed Internal Revenue Service regulations that would allow hospitals to correct failures to comply with looming tax-exempt justification rules without facing penalties, as long as they disclose the failures before being contacted for an audit.

The IRS rule, proposed in January, would allow hospitals to put their full efforts into complying with Revenue Code Section 501(r) — created by the Affordable Care Act — while still punishing those that intentionally skirt the new tax-exempt...
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