Nonprofit Hospital Requirements

Thursday, December 19, 2013

On December 30, 2013, Treasury and the IRS issued two notices providing guidance for nonprofit hospitals.

The first notice provides a process for charitable hospitals to follow to correct and disclose their failures if they do not satisfy their new requirements under section 501(r) of the tax code. By following this process, tax exempt hospitals are assured that they will not face possible loss of tax-exempt status as long as their mistakes were not “willful or egregious.” ...

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