Our recent Client Advisory discusses the Taxpayer First Act , enacted on July 1, 2019, which includes amendments to the Internal Revenue Code that significantly impact tax-exempt organizations. Read it here.
Internal Revenue Service
New York and New Jersey Attorneys General File Suit to Compel Disclosure of Information Related to Change in IRS Form 990 Schedule B Reporting Requirements
By Ahsaki E. Benion on
Posted in Internal Revenue Service, Laws/Regulations
On May 6, 2019, the New York and New Jersey Attorneys General filed a lawsuit against the U.S. Department of the Treasury (the “Treasury Department”) and its bureau the Internal Revenue Service (the “IRS”) for failing to respond records requests made pursuant to the Freedom of Information Act (“FOIA”). The requests sought records and information…
IRS Interim Guidance for Organizations Subject to Unrelated Business Income Tax
By Ahsaki E. Benion on
Posted in Internal Revenue Service, Laws/Regulations
Internal Revenue Service Notice 2018-67 (the “Notice”) sets forth interim guidance relating to Internal Revenue Code § 512(a)(6) Special rule for organization with more than one unrelated trade or business.
Enacted on December 22, 2017 as part of Public Law 115-97 (the “Tax Cuts and Jobs Act”), Code § 512(a)(6) provides that
in the…
Impact of the 2017 Tax Cuts and Jobs Act on the Nonprofit Sector
By Ahsaki E. Benion on
Click here to read our Client Advisory discussing the initial and ongoing impact of the 2017 Tax Cuts and Jobs Act on nonprofit organizations.
Certain Tax-exempt Organizations No Longer Required to Report the Names and Addresses of their Contributors
By Ahsaki E. Benion on
Posted in Internal Revenue Service
On July 16, 2018, the Internal Revenue Service (the “IRS”) issued Revenue Procedure 2018-38 ( the “Revenue Procedure”), which contains procedures modifying the information to be reported to the IRS on annual Form 990 Return of Organization Exempt From Income Tax and Form 990-EZ Short Form Return of Organization Exempt From Income Tax.
Under…