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Is Your Nonprofit Organization 'Bitaxual'? If So, Watch Out!
Best Best & Krieger LLP Link to more items from this source
June 5, 2013

"[T]he label 'bitaxual' [describes] those entities that are ... both exempt from tax based on the fact that they are an 'instrumentality' of government and because they have received a tax-exemption from the IRS as a Code section 501(c)(3) organization. One example ... is a public hospital district.... [These entities] are special because they can simultaneously maintain an eligible deferred compensation plan under Code section 457(b) and a Code section 403(b) plan.... [Periodically] the IRS checks its database of 501(c)(3) entities looking for charities that haven't filed their Form 990. If the IRS finds one, and doesn't know that the 501(c)(3) is also a governmental entity, it will automatically revoke the entity's 501(c)(3) status if no Form 990 was filed for three consecutive years."

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