JLCoog
1
The IRS is starting to get serious about the tax exempt status of 501(c)(3) NIL collectives. Here are two denials for tax exempt status.
Full letter:
https://www.irs.gov/pub/irs-wd/202504020.pdf
Full letter:
https://www.irs.gov/pub/irs-wd/202452017.pdf
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Still time to get those amended tax returns in for last year. Less the amount for charitable deductions of course. Can you say higher tax bracket?
I would expect most to not have exempt status in the near future. NIL is really a business expense if used as intended.
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