In PLR 201007068, the IRS revoked the tax-exempt status of an organization classified under Internal Revenue Code section 501(c)(3) because the organization failed to meet the reporting requirements of Code sections 6001 and 6033. These sections require that the books and records of tax-exempt organizations be kept available for inspection by IRS agents and that the records show that the organization is operated exclusively for exempt purposes, with no part of the organization's net earnings benefiting private parties. After repeated requests for documents and information from the organization, all of which were unsuccessful and most of which were returned undeliverable, the IRS revoked the exempt status of the organization.
See also PLR 201007070, PLR 201007074.
Posted by Jenny Robertson, Associate Editor, Wealth Strategies Journal.
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