Elimination of Advance Ruling Process

The IRS has issued yet another update to its growing list of revised forms, documents, and policies. No more double applications for newly formed organizations wanting to be recognized as public charities. The old five-year advanced ruling period has been abandoned in favor of a simpler process. A new 501(c)(3) can be immediately classified as a publicly supported charity, not a private foundation. In the organization’s sixth year, it must convince the IRS that it meets the public support test by filing Schedule A of Form 990. More...