Tax Exempt Organizations
The IRS issued new procedures for contributions to charitable organizations, including rules for when donors can rely on the information about an organization’s tax-exempt status on the IRS database Tax Exempt Organization Search.
The TCJA added new Sec. 4960, which imposes an excise tax on tax-exempt organizations that pay excessive compensation.
A potential side effect of fewer taxpayers itemizing their deductions is that these taxpayers may choose to reduce or eliminate charitable contributions.
The 2018 revision to Form 1023-EZ includes a new
requirement that organizations describe to the IRS their mission or most significant activities.
The streamlined application for tax-exempt status will ask organizations to describe their mission and activities for the first time.
This article describes the requirements for an organization to meet Sec. 115(1).
Proposed regulations could present tax-saving opportunities for qualified organizations that invest in partnerships.
Sec. 501(c)(3) organizations that engage in fee-for-service activities need to consider whether a given activity furthers or is “substantially related” to an exempt purpose.
Examiners in the IRS Tax Exempt and Government Entities Division have new procedures.
The IRS announces new Form 990-EZ with help icons to assist organizations with accurate filing .
The IRS issued new safe-harbor procedures under
which a management contract does not result in private business use of property financed with governmental tax-exempt bonds.
The rules, which go into effect April 1, 2017, apply to IRS examiners from the Tax Exempt/Government Entities division and specify best practices in issuing information document requests in the course of an audit.
Social welfare benefit organizations are now required to notify the Internal Revenue Service of their formation and intent to operate under Sec. 501(c)(4).
Organizations that do not pass the public support test may be treated as private foundations.
The IRS is cutting the application fee small organizations must pay when applying for tax-exempt status.
Social welfare benefit organizations are now required to notify the Internal Revenue Service of their formation and intent to operate under Sec. 501(c)(4).
Organizations should review new proposed regulations and 2015 final regulations as a reminder of what is required to obtain or maintain public charity status.
The regulations broaden the types of investments by private foundations that qualify
as program-related investments that do not jeopardize the carrying out of a private foundation’s exempt purposes.
The court denied the IRS’s petition to avoid having to disclose information about other organizations that were on the IRS’s controversial “be on the lookout” list of organizations.
Complications may arise when the parent of a large, multientity system applies for recognition of tax-exempt status as a Sec. 501(c)(3) public charity.
