Sometimes it takes a long time to undo the damage done by someone you trusted. That’s certainly the case for Julian’s Fountain of Youth (JFOY). After nearly two years, its non-profit tax status has been restored.
Two weeks ago, the IRS notified Julian Cavazos, JFOY’s founder and owner of Wilton Collective, of the change.
“We are pleased to tell you we determined you’re exempt from federal income tax,” the letter stated. “Based on the information you submitted for your application, we approved your request for reinstatement.”
JFOY lost its status in May 2024, after failing to file tax returns three years in a row. Cavazos says he had no idea the documents weren’t being filed. His accountant, Jose Coss, was charged in November 2023 with myriad felonies including money laundering, grand theft, grand theft of someone 65 or older, organized fraud and more.
The IRS automatically changed JFOY’s status after three missed returns. Cavazos says he didn’t know until seven months later. A new accountant managed to get them caught up and the organization reapplied for tax exempt status.
Perhaps most importantly, the IRS action is retroactive to the date of the revocation. This means people who donated or attended events/fundraisers can write off money given during the disputed time.
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