The IRS only issued a memorandum.

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Dec 1, 2023
6:26:47am

Everyman All-American

The IRS only issued a memorandum.

The memorandum stated that many collectives did not qualify for 501 (3) (C) status the did not state that collectives could not apply for such status.

The Royal Blue collective has applied for such status. Up on the Hill, the Crimdon Collective has received its certification.

IRS memorandum calls tax-exempt status of NIL collectives into question

Many NIL collectives may not qualify as tax-exempt under IRS memorandum

https://www.wolterskluwer.com/en/expert-insights/irs-memorandum-calls-tax-exempt-status-of-nil-collectives-into-question

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Everyman

Previous username: Everymancoug
Bio page: Everyman
Joined: May 27, 2012
Last login: Oct 24, 2024
Total posts: 20,439 (110 FO)

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Messages

Author

Time

Let's all remember that "donations" to NIL collectives are not tax deductible

BYU-Ite

11/30/23 11:07am

They are, if the collective is a 501 (3) (C)

Everyman

11/30/23 2:40pm

They cannot be a 501(c)(3). The IRS ruled on it back in June.

BYU-Ite

11/30/23 2:54pm

The IRS only issued a memorandum.

Everyman

12/1/23 6:26am

You are correct. But I can’t see those that received a certificate being able to

BYU-Ite

12/1/23 6:45am

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