The Foundation is under the direction of an elected, non-compensated, volunteer Board of Directors. The Board of Directors of the Foundation has always hired a CPA firm for annual tax return preparation services. Additionally, the Foundation has hired a professional management company to help administrate the day to day affairs of the Foundation, including the procurement of professional legal, tax, and accounting services and for the filing of all required state and federal tax returns. The Board of Directors, acting in good faith, relied on their professionals to timely prepare and file form 990. They were always assured that all tax returns had been filed and that the CPA firm and management company had taken care of everything. They relied upon these assurances and representations and therefor assumed all tax matters were in proper order, and had no reason to assume otherwise. The Foundation has a good history of timely tax filings. Additionally, the Foundation has in the past and continues today to exercise careful business prudence with respect to its tax filing obligations.Prior to this year, the CPA firm that was hired by the Board filed an 1120H tax return which was an automatic revocation of the Foundation's tax exempt status. After the board realized their tax exempt status had been revoked, the Board hired O'Neal & Holmes, LLP to file a reinstatement and the prior years three 990 tax returns. The IRS has reinstated the tax exempt status of the entity. We are filing this return as we stated on the 1024A. Please abate any penalties involved with this entity.Please accept this as the Foundation's formal request for waiving the penalty and abatement thereof. The Foundation, acting through its Board of Directors, had reasonable cause as noted in Internal Revenue Code Section 6652(c)(3), Regulations Sec. 301.6652-2(f), and relevant court cases to waive the penalty in this situation. Thank you for your consideration in this matter. If you have any questions or if we can be of assistance, please feel free to contact the preparer.
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