On August 8, the IRS released a new one page Form 8940, Request for Miscellaneous Determination, to obtain advance approval on certain activities. The form can be used to make requests for:
- Advance approval of certain private foundation set-asides.
- Advance approval of private foundation voter registration activities.
- Advance approval of private foundation scholarship procedures.
- Exemption from Form 990 filing requirements.
- Advance determination that a potential grant or contribution is an unusual grant, excluded from certain public support calculations.
- Change in (or initial determination of) type of Section 509(a)(3) supporting organization.
- Reclassification of foundation status, including a voluntary request from a public charity for private foundation status.
- Termination of private foundation status under Section 507(b)(1)(B) (advance ruling request).
- Termination of private foundation status under Section 507(b)(1)(B) (60-month period ended).
- The form comes with instructions and requests certain information to support the nine types of requests that can be submitted. A user fee must accompany many of the requests for a determination. See IRS website.
What's Not Covered
Organizations applying for recognition of 501(c)(3) tax-exempt status, will still file Form 1023 and can at the same time request an advance approval of scholarship procedures or an exception from filing Form 990.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.