Tax-Exempt Organization News
IRS begins compliance project for colleges and universities. Read the details of the program on the IRS Compliance Project webpage.
IRS eliminates advance ruling period for Section 501(c)(3) nonprofit organizations. Read the details on the IRS website and the temporary IRS Regulations as well as an FAQ about this change.
IRS issues regulations imposing certain documentation requirements on the 403(b) retirement plans of tax-exempt entities. Read about the regulatory changes. Read about 403(b) Tax Sheltered Annuity Plans on the IRS website.
IRS completes revised instructions for redesigned Form 990 to be used for tax year 2008. Read the details about the revised Form 990 and the instructions.
IRS issues temporary regulations regarding the new filing requirement, Form 990-N, for small nonprofits. Read about the Form 990-N. Read the IRS temporary regulations.
IRS issues memorandum regarding political campaign activity on the internet by nonprofits. Read the memorandum about political campaign activities on the internet. Read about the IRS' Political Activities Compliance Initiative.
Congress considers changes to tax rules regarding gifts of art. Read articles in The Chronicle of Philanthropy and The New York Times.
New tax laws result in the growth of the number of small foundations. Read "Tax Laws Popularize the Small Foundation" in The New York Times, June 7, 2008.
Nonprofit organizations face challenges in corporate fundraising. Read "Charities Seek Donors to Replace Wall Street" in The New York Times.
Charities and social entrepreneurs discover the benefits of for profit status and financing. Read "A Capitalist Jolt for Charity" in The New York Times.
Universities and other nonprofit institutions facing rising debt costs. Read about the impact of the bond market implosion and higher financing costs in the Boston Globe and the Boston Business Journal.
IRS releases guidance on political advocacy regulations. Read Revenue Ruling 2007-41.
Congress considers lobbying reforms that may impact nonprofit organizations. Read the bill summary by the Center for Media & Democracy, the full text of the legislation at GovTrack, and a discussion of the legislation by Independent Sector.
U.S. Treasury releases Anti-Terrorist Financing Guidelines for Nonprofits. Read the "Voluntary Best Practices for U.S.-Based Charities"
Pension Protection Act, containing provisions affecting exempt organizations, donor advised funds, signed into law. Read the summary of provisions on the IRS website, IRS Notice 2006-109, and an analysis by Independent Sector.
American Bar Association Names Jeffrey Hurwit Outstanding Nonprofit Lawyer. Read the Award Announcement.