Exempt Organizations Advisory - IRS Launches Web Tool for Private Foundations

On October 17, the IRS launched a new website, "Life Cycle of a Private Foundation," a resource providing information and assistance for private foundations. The site is an "easy-to-use way of linking to the documents most foundations will need as they proceed through the phases of their life cycle."

The "life cycle" is divided into the following five sections: starting out; applying to the IRS; required filings; ongoing compliance; and significant events. Each section contains subsections with information, explanations, guides, forms, and publications. Specific topics include: articles, bylaws, employer identification number, charitable registration and solicitation, the exemption application, annual returns, unrelated business income tax and employment tax, issues which jeopardize exemption, excise tax, public disclosure, and IRS audits.

This site is similar to the "Life Cycle of a Public Charity," which was created on the recommendation of the Advisory Committee on Tax Exempt and Government Entities.

The new "Life Cycle of a Private Foundation" can be found here, and 2004’s "Life Cycle of a Public Charity" can be found here.

For more information on this topic, please contact Catherine W. Wilkinson or Suzanne Ross McDowell.

The Exempt Organization Advisory is a general summary of the law and is not intended as specific legal advice for any organization.

Internal Revenue Service - Circular 230 Disclosure: As provided for in Treasury regulations, advice (if any) relating to federal taxes that is contained in this communication (including attachments) is not intended or written to be used, and cannot be used, for the purpose of (1) avoiding penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any plan or arrangement addressed herein.

For more information on this topic, please contact the authors or the attorneys with whom you usually work at Steptoe.

Questions and comments about the Exempt Organizations Advisory are always welcome and should be sent to bstone@steptoe.com.