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Tax-Exempt Status Reinstatement: An Update on the New Procedures, by Lorman

Tax-Exempt Status Reinstatement: An Update on the New Procedures is brought to you by Lorman

Gain a better understanding of the lapse period filing requirements and associated planning steps.

Tax-exempt organizations sometime lose their tax-exemption. The impact of the loss of tax-exemption can have severe consequences for the organization’s finances and potentially can adversely affect its contractual relationships and its status with government regulators. This topic will address the lapse period filing requirements and associated planning steps. The material explains the four avenues for reinstating federal exemption which set forth in Revenue Procedure 2014-11 starting with the streamlined retroactive reinstatement using Form 1023-EZ. It will also include the retroactive reinstatement within the 15 month window (of certain critical dates) and after the 15 month window and explores the requirements for the required Reasonable Cause Statements. Finally, it will introduce prospective reinstatement of federal exemption.

Learning Objectives

  • You will be able to identify the fundamentals of exempt tax reporting
  • You will be able to recognize the impact and remedies of Revocation
  • You will be able to identify Proc 2014-11 Procedures
  • You will be able to identify causes and corrections for Loss of Exemptions

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