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IRS offers helping hand to run private foundations

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in Small Business Tax

The IRS just launched a new online information service that can help you comply with the complex tax rules and regulations for private foundations. (IRS internal release 2005-121) The "Life Cycle of a Private Foundation" provides insights into the five main stages: starting the private foundation, applying for tax-exempt status, meeting filing requirements, complying with the rules and terminating the organization. This new tool is similar to another initiative, the "Life Cycle of a Public Charity," that's been a big hit with taxpayers. Visit www.irs.gov/charities/charitable/article/0,,id=127912,00.html.

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