New IRS rules require financial information be made available to requestors--
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IRS KSMO News
June 17, 1999
NEW DISCLOSURE RULES TAKE EFFECT FOR TAX-EXEMPT ORGANIZATIONS
WASHINGTON -- The Internal Revenue Service reminded tax-exempt organizations
that, beginning 6/8/99, they must generally provide requesters with copies
of their approved exemption applications and
their three most recent annual information returns. Previously,
the organizations had to have these documents
available for public inspection, but did not have to make copies. An
alternative
to providing copies is for the organization to make the documents available
on a Web site, either its own or another organizations. It may
then advise requesters how to access the forms on the Web.
Tax-exempt organizations may charge a reasonable copying fee, currently
up to $1 for the first page and 15 cents for each additional page, plus
actual postage costs. An organization which fails to comply with these
new disclosure requirements may
be subject to a penalty of $20 per day for as long as the failure continues,
up to a maximum of $10,000 for each failure to provide an annual return.
The new disclosure rules do not yet apply to a private foundation.
Such an organization must still make a copy of its annual return available
for public inspection at its principal office for a period of 180 days
after publishing a notice of availability.
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