IRS moves to revoke Harvard's tax-exempt status amid financial controversy and criticism

The Internal Revenue Service is making plans to rescind Harvard University's tax-exempt status as an 'extraordinary step' in retaliation, according to sources familiar with the matter. This move would be a significant change for the university, which has held its tax-exempt status since 1931. The IRS typically does not revoke tax-exempt status without a thorough investigation and due process. Harvard University's board of overseers has already been briefed on the potential development.