Healthcare Entities and LLCs: Leveraging IRS Guidance on Requirements for LLCs to Qualify as Tax-Exempt Entities

Recording of a 90-minute CLE video webinar with Q&A

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Conducted on Wednesday, March 23, 2022

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Course Materials

This CLE webinar will guide healthcare counsel on the IRS Notice 2021-56. The panel will discuss the implications of the notice for healthcare organizations. The panel will address leveraging LLCs with Section 501(c)(3) tax-exempt organizations. The panel will offer best practices for establishing and maintaining tax-exempt status for healthcare organizations.

Description

In late 2021, the Internal Revenue Service released a notice that sets forth additional requirements a limited liability company must meet to obtain a determination letter recognizing its tax-exempt status. The announcement renews interest in using LLCs by organizations, including charitable health systems and related healthcare entities, for tax-exempt purposes.

The IRS notice represents the first formal guidance for LLCs seeking federal tax exemption. The notice lays out what an LLC must include in its articles of organization and operating agreement to meet the requirements for tax-exempt status. An LLC with tax-exempt status would allow for more structural flexibility for healthcare entities. Following this guidance, LLCs are a strategic option that tax-exempt healthcare entities should consider.

Listen as our authoritative panel examines the recent IRS guidance and the implications for healthcare organizations. The panel will address leveraging LLCs with Section 501(c)(3) tax-exempt organizations. The panel will offer best practices for establishing and maintaining tax-exempt status for healthcare organizations.

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Outline

  1. IRS Notice 2021-56
  2. Implications for healthcare organizations
  3. Best practices for healthcare organizations to leverage the new IRS guidance

Benefits

The panel will review these and other high priority issues:

  • What guidance does the new IRS notice provide for using LLCs in connection with Section 501(c)(3) tax-exempt organizations?
  • What steps should counsel take to leverage the new IRS guidance?

Faculty

Lezotte, Mark
Mark Lezotte

Shareholder
Butzel Long

Mr. Lezotte has substantial experience in corporate, healthcare, exempt organization, and tax matters, including...  |  Read More

Mancino, Douglas
Douglas M. Mancino

Partner
Seyfarth Shaw

Mr. Mancino has extensive experience in audits, appeals, and other tax controversies, including tax litigation. He has...  |  Read More

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