Report: IRS to Rescind Harvard's Tax-exempt Status

The U.S. Internal Revenue Service 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 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.