IRS Announcement for Charitable Trusts Operating as Type III SOs

Announcement 2010-19 provides procedures a charitable trust may follow to terminate its private foundation status by showing that it continuously operated as a Type III supporting organization after Aug. 16, 2007, even though it erroneously filed a Form 990-PF for its first taxable year after 2007.  The charitable trust can obtain a refund of the 4940 tax paid for 2008.  The announcement also describes procedures for charitable trusts that became private foundations after Aug. 16, 2007 and wish to terminate their private foundation status by operating as Type III supporting organizations.

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