Lesson: Tax-Exempt Status Revocation and Reinstatement

In this lesson, harness the wisdom of Nick Palazzolo, as he walks through the pitfalls and necessary steps to regain tax-exempt status after it's been revoked. With a primary focus on common slip-ups, like failing to file returns for three consecutive years, he breaks down the process of identifying the cause, filing overdue returns, and the intricacies of applying for reinstatement. Nick offers a candid look at the potential missteps involving not-for-profits, the importance of aligning with the organization's mission, and steering clear of prohibited activities. He wraps up by touching on considerations like fees, IRS processing times, and nuances of retroactive reinstatement, all peppered with his relatable insights to ensure the main points stick for the road ahead.