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IRS launches private-foundations tool

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The IRS has released a new web-based tool to help private foundations navigate federal tax rules throughout their various stages of development.

Called “The Life Cycle of a Private Foundation,” the tool was launched in October and provides information pertaining to five stages of a foundation’s growth.

The lifecycle information starts with creating an organization and filing for tax-exempt status, then moves to filing requirements and ongoing compliance and finishes with information for closing down organizations.

Specific issues addressed include obtaining a employer identification number, protecting a group’s charitable status and meeting disclosure requirements.

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