IRS May Reconsider Harvard's Tax-Exempt Status
The IRS is reportedly considering whether Harvard University still qualifies for its tax-exempt status. This comes after scrutiny regarding the university's endowment and its commitment to serving the public interest. Former President Trump previously suggested that Harvard's tax-exempt status should be reviewed. The decision could have significant financial implications for the university.
The Internal Revenue Service (IRS) is evaluating Harvard University's tax-exempt status, according to recent reports. This review follows concerns raised about the university's substantial endowment and whether its actions align with the requirement of acting in the public interest. Former President Donald Trump previously commented on the matter, stating that tax-exempt status is contingent on serving the public. If the IRS revokes Harvard's tax-exempt status, the university could face significant tax liabilities, impacting its financial operations and potentially affecting tuition costs and research funding. The IRS's decision will likely be closely watched by other universities with large endowments.
Source: Read the original article at CBS