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The Online Advisor - August 1999
IRS announces new disclosure rules for tax-exempt groups
Tax-exempt organizations, such as charities, hospitals, and colleges, have new disclosure rules to deal with, as of June 1999. Tax-exempts must now generally provide copies of their annual IRS reports to anyone asking for them. The previous rules only required tax-exempts to make forms available to the public.
Organizations may charge a reasonable fee for the copies they are required to give to those who request them. As an alternative to making copies for those who want them, the organization may put the documents on a Web site and tell inquirers how to access them.
Failure to comply carries a penalty of $20 a day for as long as the failure continues, up to a $10,000 maximum.