Thursday, August 21, 2008
The IRS has released an updated Tax Guide for Churches and Religious Organizations, IRS Publication 1828.
As one might expect, the revised publication spends a huge chunk of pages on prohibited political activity (private benefit, for example, gets one whole paragraph of explanation in the new publication, while political campaign activity garners 8 pages!), essentially copying the information provided in Revenue Ruling 2007-41 though with examples geared specifically toward churches and religious organizations. The publication also covers UBIT issues, employment taxes, and charitable contributions.
I've found most recent IRS publications exceptionally useful, and this one is no exception (though obviously the publication adheres to the IRS orthodoxy on whatever issue is at hand).