Tax Exempt Organizations

IRS Withdraws Controversial Charitable Donation Rules

The IRS withdrew proposed regulations that would have allowed charities to file information returns with the IRS and donors instead of providing contemporaneous written acknowledgments of charitable donations.

Controversial Charitable Donation Rules Withdrawn

The IRS announced that it is withdrawing proposed regulations released last September that would have allowed charities to file information returns with the IRS and donors instead of providing contemporaneous written acknowledgments of charitable donations.

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.

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.

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.

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Get your clients ready for tax season

With the extended 2017 tax filing season drawing to a close, now is the time to get your practice and your clients ready for the 2018 season.

PRACTICE MANAGEMENT

2016 Best Article Award

The winners of The Tax Adviser’s 2016 Best Article Award are Edward Schnee, CPA, Ph.D., and W. Eugene Seago, J.D., Ph.D., for their article, “Taxation of Worthless and Abandoned Partnership Interests.”