IRS Targets Harvard's Tax-Exempt Status

The IRS plans to rescind Harvard University's tax-exempt status. This decision follows President Trump's threat to revoke it if Harvard doesn't change its academic programs. Harvard has rejected these demands, leading to potential loss of its tax-exempt status.

The Internal Revenue Service is reportedly gearing up to revoke Harvard University's tax-exempt status, according to sources close to the matter, CNN reported Wednesday.

The action comes in the wake of President Donald Trump's warning to the prestigious institution for rejecting demands to modify its academic programs. Trump stated that refusal to comply could result in losing federal grants and tax exemption.

A final decision is anticipated soon, raising significant implications for the state's educational landscape and potentially setting a precedent for federal engagement with academic institutions.

(With inputs from agencies.)