One Quarter of All Nonprofits May Lose Their Charitable Status With the I.R.S. This May
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APRIL 25, 2010
million American nonprofits, including trade associations and membership groups, will lose their official "charity" status with the Internal Revenue Service, at midnight on May 15, and thereby lose their tax exemption status. Donors may transfer IRA assets as donations, avoiding the early withdrawal penalty, to nonprofit organizations, without having to account for the funds as income and, as such, no income tax is incurred on these transfers. You may find ways to contact the I.R.S.