IRS Obsoletes Dated Guidance For Tax Exempt Organizations

The IRS released a revenue procedure and revenue ruling obsoleting previous guidance for certain exempt organizations.

Rev. Proc. 2024-22 was issued Friday to declare out of date Rev. Proc. 82-2, which identified the states and situations where the IRS would not require an express provision for the distribution of assets in a dissolution .

The agency on Friday also issued Rev. Rul. 2024-10, which obsoletes Rev. Rul. 75-38. The earlier ruling laid out circumstances private foundations could satisfy to meet governing instrument requirements under Section 508(e).

Many state laws have materially changed so both of the guidance documents being made ...