A business of about $10 billion in annual revenues, the NFL has held tax-exempt status
since the 1940s and so was required to file a publicly available IRS form listing compensation for the highest-paid employees.
Additionally, the club changed its bylaws since it was first given tax-exempt status
by the county in 2004 to require club members to also be members of the National Rifle Association, Tapia noted.
A cap or repeal of the tax-exempt status
of municipal bond interest would deeply affect Americans' retirement nests and asset formation.
Organizations that the IRS grants tax-exempt status
are subject to strict rules regarding political activities.
At least 75 groups were targeted in the action, but, Lerner assured, none had their tax-exempt status
To date, 14 groups have been granted tax-exempt status
by the IRS, the others are pending and no organization has been denied.
The number of applications for tax-exempt status
was down about 7 percent last year compared to 2010, from 65,648 to 60,980.
He noted that the agency had been vigilant in letting all tax-exempt organizations know that because of a law passed by Congress in 2006, if they didn't turn in their 990 forms for three consecutive years they would lose their tax-exempt status
According to The Forward, applications for tax-exempt status
are sent to the IRS's quality assurance office in Washington if they involve terrorist countries or if the IRS receives a petition from a third party to deny the applicant tax-exempt status
Also, in early 2011, the IRS plans to publish a list of organizations that have lost their tax-exempt status
due to noncompliance.
Non-compliance for three consecutive years can result in the organization automatically losing its tax-exempt status
, which means an organization must file income tax returns, pay income tax and its contributors will not be able to deduct their donations.
In the waning days of the Bush administration, the government ended its long-running effort to retroactively revoke the tax-exempt status
of a Democratic Party-affiliated organization that it claimed had improperly promoted the party's candidates.