IRS Posts Automatic Revocation List: Are You and Your Chapters Still Exempt?

As many of you know, the Pension Protection Act of 2006 amended the Internal Revenue Code to require the automatic revocation of the exempt status of organizations that fail to file required information returns with the IRS for three consecutive years. The IRS has just announced the first of these revocations, about 275,000 in all, covering the tax years of 2007, 2008, and 2009.

The IRS on June 8 posted the Automatic Revocation of Exemption List to its website and published guidance to help tax-exempt organizations that have had their exemptions automatically revoked because they failed to file required information returns for three straight years. We have done a quick and preliminary review of the Automatic Revocation List and have noticed a number of Greek organizations on the list, though they appear to be comprised mostly of chapters and alumni associations. It appears that most revocations have an effective date of June 9, 2011.