A recent property tax case from the Tax Court of New Jersey should serve as a warning to tax-exempt medical centers and their tax advisers throughout the country.
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Tax-Exempt Organizations
Charities Would Be Permitted to Issue Information Returns to Donors
Charities will be allowed to file information returns instead of providing contemporaneous written acknowledgment of charitable donations under proposed regulations issued by the IRS.
UBTI Reporting Requirements for Partnerships and S Corporations
This item provides a review of the basics of unrelated business taxable income.
Tax-Exempt Hospital Compliance With Sec. 501(r): No Violation Is Too Small to Ignore
Tax-exempt hospitals must generally be in compliance with the final regulations under Sec. 501(r) for tax years beginning after Dec. 29, 2015, for their hospital facilities to remain exempt from federal income tax. This item focuses on what a facility must do when a violation occurs.
IRS Has Fixed Many of Its Problems With Social Welfare Organization Applications
Two years after finding the IRS used inappropriate criteria when reviewing applications for tax–exempt status under Sec. 501(c)(4) and delayed processing some applications—a report that led to congressional investigations and the resignation of IRS Exempt Organizations Director Lois Lerner—TIGTA issued a follow–up report to check on the IRS’s progress in eliminating the controversial practices.
Notice Clarifies Provider List Rules for Charitable Hospital Financial Assistance Policies
The IRS clarified the requirement in Regs. Sec. 1.501(r)-4(b)(1)(iii)(F) that a charitable hospital organization include a provider list in its financial assistance policy.
Are Alternative Investments Worth Their SALT for Tax-Exempt Organizations?
This item discusses some of the state and local tax reporting challenges faced by tax-exempt organizations with passthrough (i.e., Schedule K-1) UBTI from alternative investments.
Final Regulations for Tax-Exempt Hospitals
Final regulations regarding additional requirements charitable hospitals must meet to be treated as tax exempt under Sec. 501(c)(3)) were recently issued and apply to a hospital’s tax year that begins after Dec. 29, 2015.
“Be on the Lookout” Lists Gone From IRS Reviews of Sec. 501(c)(4) Applications
Two years after the scandal involving IRS reviews of applications for tax-exempt status, TIGTA issued a follow-up report.
Only Smallest Charitable Trusts Benefit From Streamlined Application
The IRS issued a streamlined application for recognition of tax-exempt status; however, an organization cannot use Form 1023-EZ if its assets exceed $250,000 or its annual gross receipts are more than $50,000.
Tax Planning for Private Foundations
Private nonoperating foundations should employ tax planning techniques to lower the entity’s excise tax rate from 2% to 1%. The potential tax savings that would result from proper tax planning would be better used to further the foundation’s exempt purpose.
Tax-Exempt Application Process Streamlined for Small Organizations
The IRS introduced a streamlined application process for small organizations that want tax-exempt status.
IRS to Repropose Sec. 501(c)(4) Regulations
The IRS received an overwhelming flood of comments in response to proposed regulations on the rules governing the political activities of Sec. 501(c)(4) social welfare organizations. As a result, the IRS announced that it will repropose the regulations, after taking the comments into account, and will not hold a public hearing on the new rules until they are reproposed.
Charitable Diversions: Tax Implications and Tips for Addressing Them
The misuse of charitable assets has been a long-standing concern, and enforcement in this area has been a challenge for government authorities.
Streamlined Tax-Exempt Application Process Introduced
The IRS introduced a streamlined application process for small organizations that want tax-exempt status under Sec. 501(c)(3).
Sec. 501(c)(4) Regulations Will Be Reproposed Following Outpouring of Public Comments
The IRS received a flood of comments in response to proposed regulations it issued on the rules governing the political activities of Sec. 501(c)(4) social welfare organizations. As a result, the IRS announced that it will repropose the regulations.
Coordinating Charitable Trusts and Private Foundations for the Business Owner: Complying With UBIT and Self-Dealing Rules
This item details some charitable giving options for owners of closely held businesses, the applicable unrelated business income and self-dealing rules, and best practices for taxpayers who have these charitable desires and restrictions.
IRS Unveils New Procedures for Reinstating Tax-Exempt Status
Organizations have new procedures for getting their exempt status reinstated.
New Procedures for Reinstatement of Tax-Exempt Status Are Introduced
Tax-exempt organizations that have had their tax-exempt status automatically revoked because they failed to file required annual returns for three consecutive years have new procedures for getting their exempt status reinstated.
Sec. 631(b) and the Taxation of Standing Timber Sales
Under Sec. 631(b), gains or losses from the sale of standing timber are considered gains and/or losses from the sale of business use property.
TAX PRACTICE MANAGEMENT
2025 tax software survey
AICPA members in tax practice assess how their return preparation software performed during tax season and offer insights into their procedures.
