IRS extends deadline to file for tax-exempt status
The Internal Revenue Service has extended its May 17 deadline for nonprofits to file for tax-exempt status, giving an 11th-hour break to smaller nonprofits that likely would have lost their tax-exempt status because they had failed to comply with a 2006 law requiring organizations with less than $25,000 in annual receipts to file returns, The Columbus Dispatch reported May 18 (see tax-exempt filing story).
Ford investing $200 million to boost growth in metro areas
The Ford Foundation will invest $200 million over five years in infrastructure and housing initiatives that aim to spur growth in metro areas, The Detroit Free Press reported May 18 (see Ford Foundation story).
IRS analyzing data from nonprofit colleges and universities
The Internal Revenue Service will be analyzing data from an interim report it released on nonprofit colleges and universities’ tax-law compliance that found, for activities that might be exempt or taxable, the percentage of schools that indicated engaging in an activity typically was much higher than the percentage of those that reported treating the activity as taxable, OMB Watch reported May 18 (see nonprofit colleges and universities story).