Thomas Dick (DLA Piper) examines the IRS’s recent revocation of US tax-exempt status for numerous UK charities, and explains the steps affected UK charities can take to reinstate their status.
UK charities reasonably expect that their dealings with the US Internal Revenue Service (IRS) will be minimal – even if they have taken the step of substantiating their exemption from US taxation on the ground of being equivalent to analogous US institutions. Many UK charities have taken this step desiring to attract US support from US individuals donor-advised funds and private foundations or to reduce withholding taxes on US investment income.
This expectation will be dashed when they discover in a backwater of the IRS website a list of 195 UK charities whose US tax exemption has been ‘automatically revoked’ ten of which have been ‘reinstated’ (see http://bit.ly/2v09uCT; click on ‘Exempt organisations select check...
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Thomas Dick (DLA Piper) examines the IRS’s recent revocation of US tax-exempt status for numerous UK charities, and explains the steps affected UK charities can take to reinstate their status.
UK charities reasonably expect that their dealings with the US Internal Revenue Service (IRS) will be minimal – even if they have taken the step of substantiating their exemption from US taxation on the ground of being equivalent to analogous US institutions. Many UK charities have taken this step desiring to attract US support from US individuals donor-advised funds and private foundations or to reduce withholding taxes on US investment income.
This expectation will be dashed when they discover in a backwater of the IRS website a list of 195 UK charities whose US tax exemption has been ‘automatically revoked’ ten of which have been ‘reinstated’ (see http://bit.ly/2v09uCT; click on ‘Exempt organisations select check...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
