The New Ease Of Terminating Section 501(c)(3) Status
January 20, 2012, 1:05 PM EST
Law360, New York (January 20, 2012, 1:05 PM EST) -- A new provision which was slipped in to the annual announcement of procedures for exempt organization determinations and letter rulings provides a way for governmental entities to voluntarily terminate their Section 501(c)(3) status. This is important for governmental hospitals that otherwise could be faced with new exemption requirements and penalties.
In the past, many local governmental entities, such as hospital authorities or hospital districts, obtained determinations from the U.S. Internal Revenue Service that they were tax-exempt organizations described in Section 501(c)(3) of the Internal Revenue Code....
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