ALTOONA, Iowa — The Prairie Meadows Board of Director held an emergency meeting Friday afternoon after learning it could lose its tax-exempt status.
The IRS is auditing Prairie Meadows, examining tax documents of the racetrack and casino dating back to 2012. An attorney says the agency could end up revoking the non-profit status.
That status allows Prairie Meadows to avoid paying some taxes while donating millions to Iowa charities and non-profits. The casino reports it has given more than $1.4 billion through taxes, grants and charitable donations.
Details of the Friday meeting were not immediately available.
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