Tax exempt organizations

Form 1023-EZ: First-year results are in

A year after introducing a streamlined application process for tax-exempt organizations, the IRS reports on customer satisfaction and what worked and what didn’t.

Controversial charitable donation rules withdrawn

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.

Seventh Circuit denies plaintiffs’ standing to challenge parsonage allowance

Group’s leaders did not claim the income exemption. Finding the plaintiffs lacked standing, the Seventh Circuit vacated a district court’s holding that the Sec. 107(2) “parsonage” rental allowance income exclusion for ministers violates the Constitution and remanded the case with instructions to dismiss it for lack of jurisdiction. Facts: Freedom

Exemption from PFIC regime for indirect ownership expanded

The IRS clarifies that shares held through a variety of tax-exempt organizations, plans, and accounts are generally excluded. On April 14, Treasury and the IRS announced they will amend the regulations under Sec. 1291 to provide that a U.S. person who indirectly owns stock of a passive foreign investment company

Streamlined tax-exempt application process introduced

The IRS introduced on Tuesday a streamlined application process for small organizations that want tax-exempt status under Sec. 501(c)(3) (Rev. Proc. 2014-40). Final and temporary regulations were also issued on July 1 to allow the IRS to adopt this streamlined application process (T.D. 9674). To apply for tax-exempt status under

New procedures for reinstatement of tax-exempt status are introduced

Tax-exempt organizations that have had their tax-exempt status automatically revoked because they failed to file required annual returns for three consecutive years have new procedures for getting their exempt status reinstated, under guidance issued by the IRS on Thursday (Rev. Proc. 2014-11). Earlier guidance providing methods for reinstating exempt status

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VIDEO

Will the Affordable Care Act be repealed?

The results of the 2016 presidential election are likely to have a big impact on federal tax policy in the coming years. Eddie Adkins, CPA, a partner in the Washington National Tax Office at Grant Thornton, discusses what parts of the ACA might survive the repeal of most of the law.

QUIZ

News quiz: Scam email plagues tax professionals—again

Even as the IRS reported on success in reducing tax return identity theft in the 2016 season, the Service also warned tax professionals about yet another email phishing scam. See how much you know about recent news with this short quiz.