Prairie Meadows Loses Non-Profit Status

The IRS ruling stems from an audit launched in November 2014.

Des Moines Register

Prairie Meadows Racetrack and Casino has lost its non-profit, tax-exempt status.

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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