The Treasury Department has released final regulations (T.D. 9819) for the streamlined process of applying for recognition of section 501(c)(3) status. The regulations finalize regs originally proposed in July 2014 and remove corresponding temporary regulations. They allow the Commissioner to adopt a streamlined application process for eligible organizations to apply for recognition of Section 501(c)(3) exempt status. The preamble to the final regulations states that the proposed regulations were adopted “without substantive changes.”
The final regs also amend the requirement that an organization claiming to be exempt from filing annual returns is to file a statement supporting its claim (with the statement being filed as a part of its application). Now an organization can file such a statement either in its application or by filing Form 8940, Request for Miscellaneous Determination.
Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.