Non Profit Organizations Alert: Recent Guidance from the U.S. Treasury Affecting Tax-Exempt Entities: Revoking Tax-Exempt Status vs. Imposing Intermediate Sanctions
11/15/2005
On September 9, 2005, the U.S. Department of the Treasury issued a proposed regulation dealing with two essential provisions of the tax code effecting tax-exempt entities: Code § 501(c)(3) (which sets out the requirements for tax-exempt status); and Code § 4958 (which imposes "intermediate sanctions" on "excess benefit transactions" with "disqualified persons"). This advisory explains the provisions of the proposed regulation and highlights some of its important consequences.
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