Section 501(r) public comments deadline approaching; overview of proposed regulations

Exempt Organizations Tax Services Update

On June 22, 2012, the Internal Revenue Service and the Treasury Department issued a notice of proposed rulemaking ("NPRM" or "proposed regulations") under Internal Revenue Code section 501(r) pertaining to requirements that charitable hospitals must satisfy to be exempt under section 501(c)(3). The NPRM contains comprehensive and detailed proposed guidance regarding key aspects of the statute, including financial assistance policies (FAPs), emergency care policies, billing and collection policies, and amounts that may be charged for care provided to individuals eligible for financial assistance under the facility's FAPs.

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