Charities Lose Tax Exempt Status

Deidre Wheatley-Liss, shareholder of the Law Firm of Fein, Such, Kahn & Shepard, P.C., published an article titled "Did your favorite non-profit just lose its tax exempt status?"  The article discusses how the IRS recently revoked the tax exempt status of 275,000 charities across the United States.  These exempt charities will now have to file and pay income tax on their earnings and begin paying state sales tax on their purchases.  Taxpayers must also be aware that contributions to any of these charities is no longer tax deductible. 

Posted by William Alan Nelson II, Associate Editor, Wealth Strategies Journal