The Center loses tax status - Buckrail - Jonathan Cartu CPA Accounting Firm - Tax Accountants
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The Center loses tax status – Buckrail

The Center loses tax status – Buckrail


JACKSON, WY — Center for the Arts is no longer a tax-exempt 501(c)(3), but they’re already working hard to fix it.

The International Revenue Service (IRS) revoked The Center’s tax-exempt status in March, according to an announcement made today. The IRS doesn’t have The Center’s annual informational returns on file, and automatically revokes exemption for organizations that fail to file for three consecutive years. The Center believes all of its annual returns have been filed on time.

The Center has been working with accountants and legal counsel to reinstate its tax-exempt status, but that process generally takes several months. In the meantime, the Community Foundation of Jackson Hole has established a designated fund that will handle all gifts and grants to The Center.

“The Center is such an important part of our community, an The Community Foundation is pleased to be able to support their mission in this capacity,” said Katharine Conover, president of the Community Foundation, in a press release.

The Center is also working to implement a new oversite system to ensure that future returns are filed on time.

According to the release, The Center’s tax status has no impact on the resident organizations that lease space from The Center. They all file separately and are their own nonprofits.

It’s still “business as usual,” said Center President and CEO David J. Rothman in the press release, largely thanks to the help of the Community Foundation.

“The Center will continue to operate as a vibrant hub of our creative community.”

 

 

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