The Internal Revenue Service launched a new Web-based information tool that will help private foundations comply with federal tax rules and requirements that occur throughout the lifecycle of their organization.
The Life Cycle of a Private Foundation section of www.IRS.gov provides a snapshot of five stages, including starting the organization, applying for tax-exempt status, filing requirements, maintaining compliance and terminating the organization. The new tool is similar to the Life Cycle of a Public Charity that has proved popular since being introduced in 2004.
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