Prairie Meadows Loses Non-Profit Status
The IRS ruling stems from an audit launched in November 2014.
May 17, 2016
Des Moines Register
Prairie Meadows Racetrack and Casino has admitted that the Internal Revenue Service plans to strip the 501(c)(4) organization of its non-profit, tax-exempt status.
The IRS ruling stems from an audit launched in November 2014, and it might cost the casino/racetrack tens of millions of dollars per year. Prairie Meadows plans to fight the ruling and has hired former head of the IRS non-profit division Marcus Owens, who is now a private attorney, to handle the appeal.
Read more from the Des Moines Register.
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