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Tax Planning and Compliance for Tax-Exempt Organizations: 2007 Cumulative Supplement (Tax Planning & Compliance for Tax-Exempt Organizations: Rules, Checklists, Procedures Supplemen)
Tax Planning and Compliance for TaxExempt Organizations 2007 Cumulative Supplement - Tax Planning & Compliance for Tax-Exempt Organizations: Rules, Checklists, Procedures Supplemen Author:Jody Blazek The 2007 Cumulative supplement includes new information on the following:
Pension Protection Act of 2006 and its impact
2006 Form 990
Readers should watch for new developments announced by the IRS in their fiscal 2007 Priority Guidance Plans released November 7, 2006. The list for 2007 includes comple... more »tion of the following issues focused on in the past year:
Guidance on political activity by section 501(c)(3) organizations (stemming from technical advise requested during examinations)
Credit counseling and down-payment assistance examinations (Revocation of exemption recommended in a majority of these examinations.)
Effectiveness of handling of exemption for Hurricane Katrina relief organizations.
Penalty waivers and amounts imposed on political organizations that fail to comply with notice and reporting requirements under §527(l)
Excess compensation initiative project (Report of these exams were delayed.)
Hospitals and satisfaction of the community benefit standards and compensation policies
Work with U.S. Treasury's Criminal Investigation Division on Counter-terrorism initiatives, including foreign grant-making by U.S. charities
Look for additional ways to speed the review of Form 1023, including an update procedures for processing exemption applications set out in Rev. Proc. 90-27 and guidance on advance and definitive rulings for organizations treated as described in §509(a)(2) and §170(b)(1)(A)(vi)/§509(a)(1). During 2006, they did reduce the unprocessed inventory from 12,000 applications down to 7,000.
Conduct a campaign to educate organizations about the new electronic filing requirements.