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.
Read more about Intermediate Sanctions: Summary, History, Who Is A Disqualified Person?, Not A Disqualified Person, Who Is An Organization Manager?, Safe Harbor Provision of The Law, Penalties
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 men’s faces or their humors do.”
—François, Duc De La Rochefoucauld (1613–1680)