Intermediate sanctions is a term used in regulations enacted by the United States Internal Revenue Service that is applied to non-profit organizations who engage in transactions that inure to the benefit of a disqualified person within the organization. These regulations allow the IRS to penalize the organization and the disqualified person receiving the benefit. Intermediate sanctions may be imposed either in addition to or instead of revocation of the exempt status of the organization.
Other articles related to "intermediate sanctions, intermediate sanction":
... As well the IRS has enacted intermediate sanctions should the members of the organization engage in practices that may excessively benefit any of the organizations members (or officers ... See the entry on intermediate sanctions for more detailed information ...
... The intermediate sanction provision goes on to create a penalty which is essentially a claw back of any benefits received plus a penalty as well as excise penalties that may be in ... In order to prevent the IRS's invocation of intermediate sanctions any individual serving on the governing body of the organization may not have a ...
Famous quotes containing the word intermediate:
“Complete courage and absolute cowardice are extremes that very few men fall into. The vast middle space contains all the intermediate kinds and degrees of courage; and these differ as much from one another as mens faces or their humors do.”
—François, Duc De La Rochefoucauld (16131680)