Tax News

CCH (cch.taxgroup.com) reports:

The IRS has suspended the tax-exempt status of the Goodwill Charitable Organization, Inc., f/k/a Al-Shahid Social Association, f/k/a Education Development Organization, of Dearborn, Michigan under Code Sec. 501(p). The suspension, effective as of July 24, 2007, was imposed because the organization was designated under Executive Order 13224, Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten To Commit, or Support Terrorism, as supporting or engaging in terrorist activity or supporting terrorism. Contributions made to the organization during the period that exempt status is suspended are not deductible for federal income tax purposes. Further, due to the suspension, the organization is required to file federal income tax returns, rather than Form 990, Return of Organization Exempt from Income Tax, beginning with the tax period that began on the suspension date.
Announcement 2007-70, 2007FED ¶46,564
Other References:
Code Sec. 501
CCH Reference - 2007FED ¶22,604.052
CCH Reference - 2007FED ¶22,604.28
Tax Research Consultant
CCH Reference - TRC EXEMPT: 12,210