US IRS plans to rescind Harvard's tax-exempt status amid Trump feud

Washington:  The US Internal Revenue Service (IRS) is making plans to rescind the tax-exempt status of Harvard University, CNN reported on Wednesday, citing two sources familiar with the matter.

A final decision on rescinding the university's tax exemption is expected soon, CNN added.

The report comes a day after US President Donald Trump threatened to strip the university of its tax-exempt status and said Harvard should apologize after the school rejected what it called unlawful demands to overhaul academic programs or lose federal grants.

Spokespersons for the IRS and the US Treasury, which oversees the tax collection agency, did not immediately respond to a request for comment on the CNN story.

SOURCE: REUTERS