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.
Tax Exempt Organizations
A new notice requirement recently enacted by Congress in the wake of the scandal regarding the IRS’s handling of Sec. 501(c)(4) applications will not be implemented immediately, the IRS announced.
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.
The U.S. Tax Court recently issued an opinion focusing on the requirements for an organization to qualify for a tax exemption under Sec. 501(c)(3).
The IRS will develop a specific-use information return for donee reporting.
The types of tax professionals private foundations can rely on when making a good-faith determination that a foreign grantee is a public charity were expanded.
An IRS notice provides guidance on how tax-exempt hospitals may satisfy the requirement to report providers who provide medically necessary care covered by the financial assistance policy.
The IRS has expanded the list of tax professionals who can be relied on when making a good-faith determination of a foreign grantee’s eligibility.
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.
Charities will be allowed to file information returns instead of providing contemporaneous written acknowledgment of charitable donations under proposed regulations issued by the IRS.
This item provides a review of the basics of unrelated business taxable income.
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.
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.
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.
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 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.
Two years after the scandal involving IRS reviews of applications for tax-exempt status, TIGTA issued a follow-up report.
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.
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.
The IRS introduced a streamlined application process for small organizations that want tax-exempt status.