Application for Tax-exempt Status

  1. Application for Tax-exempt Status

    Application for Tax-exempt Status: According to the IRS Advisory Committee on Tax Exempt and Government Entities Report of Recommendations for 2012, the IRS processed more than 55,000 Form 1023 (Application for Recognition of Exemption. . . ) in 2011. Nearly 50,000 were approved, approximately 200 were denied, and no determination was made on about 5,400. The IRS provides several reasons why it does not make determinations on certain applications, including applications withdrawn by the organization, incomplete applications, and IRS refusals to rule on applications. The report added that: “[w]hile there is no granular data about these no determination cases , the sheer number of them is difficult to ignore.” If an applicant has not received a determination letter or a request for more information within 90 days from filing, the status can be checked by going to the IRS website to ascertain the current status of applications requiring additional development.

  2. Florida Peer Review

    Florida Peer Review Committee of the FICPA accepts the system peer review of McCrady, Hess & Ruth

    On May 31, 2012 the Florida Institute of Certified Public Accountants Peer Review Program accepted the Firm’s Peer Review Report issued by Baggett, Reutimann & Associates, CPAs, PA on February 7, 2012. McCrady, Hess & Ruth received the Certificate of Recognition from the American Institute of Certified Public Accountants (AICPA) “for having a system of quality control for its accounting and auditing practice in effect for the year ended September 30, 2011 which has been designated to meet the requirement of the quality control standards for an accounting and auditing practice established by the AICPA, and which was complied with during the year then ended to provide the firm with reasonable assurance of conforming with professional standards.”