Premature Revocation

The Internal Revenue Service (IRS) mistakenly revoked tax-exempt status from more than 30,000 organizations for failure to file three consecutive information returns. The error occurred because the IRS automated systems were not properly updated to account for the extension of information return filing dates due to the COVID-19 pandemic....

Payments to Charities

Final regulations from the Treasury Department were published and made effective on Tuesday, August 11, 2020, regarding the treatment of payments (not charitable contributions) to charitable entities in return for consideration (value). The regulations finalize proposed regulations issued in December 2019 and incorporate previously published IRS guidance. For a...