What happens if my tax-exempt status is revoked?
An example of an AI chatbot conversation about tax-exempt status revocation.
What happens if my tax-exempt status is revoked?
If your tax-exempt status is revoked, your organization may be required to pay federal income taxes and may lose eligibility for certain grants.
Can I appeal the revocation decision?
Yes, you can appeal the decision by filing a request for reconsideration with the IRS, but there are specific timelines and requirements.
What are common reasons for revocation?
Common reasons include failure to file required annual returns, engaging in prohibited activities, or not operating for exempt purposes.
How can I prevent my status from being revoked?
To prevent revocation, ensure compliance with IRS regulations, file annual returns on time, and maintain proper records.
What should I do if I lose my tax-exempt status?
If you lose your status, consult a tax professional to understand your options, including reapplying for tax-exempt status.
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