The IRS today released an advance version of Rev. Proc. 2018-10 that modifies the annual revenue procedure for exempt organizations determination letters—Rev. Proc. 2018-5—to reflect the recent release of a new form for social welfare organizations described in section 501(c)(4) that choose to apply for recognition of tax-exempt status.
Form 1024-A, Application for Recognition of Exemption Under Section 501(c)(4) of the Internal Revenue Code, is to be used by organizations described in section 501(c)(4) that wish to apply for recognition of exemption. The IRS released Form 1024-A on January 16, 2018. Read TaxNewsFlash-Exempt Organizations
Rev. Proc. 2018-10 [PDF 55 KB] makes the following conforming amendments to Rev. Proc. 2018-5:
Revised Rev. Proc. 2018-5 makes clear that section 501(c)(4) organizations generally are not required to file Form 1024-A but may do so if they wish to receive an IRS determination letter recognizing their tax-exempt status. Rev. Proc. 2018-10 also notes that submitting a Form 1024-A does not satisfy an organization’s obligation to notify the IRS that it is operating under section 501(c)(4). Read TaxNewsFlash-Exempt Organizations
The changes in Rev. Proc. 2018-10 are effective January 16, 2018.
For more information, contact a tax professional with KPMG’s Washington National Tax practice:
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