IRS Aims To Take Heat Off Hospitals Over 501(R) Shortfalls

Law360, New York (January 2, 2014, 6:40 PM EST) -- The Internal Revenue Service proposed a rule Monday that allows hospitals to correct their failures to comply with looming IRS tax-exempt justification rules without facing penalties, but only if hospitals disclose their failures before being contacted by the IRS for an audit.

In an IRS notice seeking public comment, the taxing authority said this new rule would allow hospitals to put their full effort into complying with Revenue Code Section 501(r) — created by the Affordable Care Act — while still punishing hospitals that intentionally skirt...
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