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October 21, 2021

IRS establishes standards for LLCs to receive exemption under IRC Section 501(c)(3)

In Notice 2021-56, the IRS establishes standards that a limited liability company must satisfy to be recognized as a tax-exempt organization described in IRC Section 501(c)(3). The IRS also requests public comments on these standards and notes they will not affect the IRC Section 501(c)(3) status of current exempt entities. A Tax Alert on the notice is forthcoming.