Post by Logan on Jul 3, 2016 0:30:04 GMT -6
With DNC just weeks away, host committee still waiting for green light from IRS
The local fund-raising committee for the Democratic National Convention still has not received tax-exempt status from the IRS, and that could affect donors who want tax deductions.
The Philadelphia 2016 Host Committee, which is responsible for raising at least $60 million for the July 25 to 28 convention at the Wells Fargo Center, has not received the designation under section 501(c)3 of the tax code.
The committee is trying to close a funding gap of at least $4 million less than four weeks before the start of the convention. It applied for tax-exempt charity status in May 2015.
"A year is extraordinary," said Marcus Owens, a Washington tax lawyer who ran the IRS tax-exempt organizations division for a decade. He said the 501(c)3 application process typically takes three months.
Read more: www.philly.com/philly/news/politics/dnc/20160702_With_DNC_just_weeks_away__host_committee_still_waiting_for_green_light_from_IRS.html
The local fund-raising committee for the Democratic National Convention still has not received tax-exempt status from the IRS, and that could affect donors who want tax deductions.
The Philadelphia 2016 Host Committee, which is responsible for raising at least $60 million for the July 25 to 28 convention at the Wells Fargo Center, has not received the designation under section 501(c)3 of the tax code.
The committee is trying to close a funding gap of at least $4 million less than four weeks before the start of the convention. It applied for tax-exempt charity status in May 2015.
"A year is extraordinary," said Marcus Owens, a Washington tax lawyer who ran the IRS tax-exempt organizations division for a decade. He said the 501(c)3 application process typically takes three months.
Read more: www.philly.com/philly/news/politics/dnc/20160702_With_DNC_just_weeks_away__host_committee_still_waiting_for_green_light_from_IRS.html