Friday, December 4, 2009
The Treasury Department and the Internal Revenue Service have issued their joint priority guidance plan for the 2009-2010 year, and the IRS Exempt Organizations Division has identified the following items as being of particular interest to tax-exempt organizations:
- Revenue procedure to provide terms for hosts of Cyber Assistant software (used to generate Form 1023 exemption applications eligible for reduced user fee).
- Final regulations on the new requirements for Type III supporting organizations, added by the Pension Protection Act of 2006; proposed regulations were published in September 2009.
- Notice under Code section 4943 (excess business holdings), as amended by the Pension Protection Act.
- Guidance on program-related investments of private foundations (Code section 4944).
- Final regulations on excise taxes on prohibited tax shelter transactions and related disclosure requirements; proposed regulations were published in 2007.
- Proposed regulations on new excise taxes on donor advised funds as added by the Pension Protection Act.
- Regulations on group returns (Code section 6033).
- Proposed regulations to update regulations under Code section
6104(c), relating to disclosure to state charity agencies for changes
made by the Pension Protection Act,
- Final regulations on church tax inquiries and examinations (Code section 7611); proposed regulations were published in 2009.
- Revenue procedure on prototype plan documents for section 403(b)
tax-sheltered annuity plans, and guidance on termination of such plans.
- Guidance for ruling requests for church plans (Code section 414(e)).
- Several items on guidance for deferred compensation plans of
tax-exempt organizations and state and local governments (Code section
- Final regulations on appraisal requirements for certain charitable contributions of property; proposed regulations were published in 2008.
- Guidance on charitable lead trusts (Code section 642(c)) and charitable remainder trusts (Code section 664).
- Regulations addressing the application of the lookback interest
rules (Code section 460) to certain pass-through entities with
- Final regulations regarding the disclosure of certain
administrative actions that are required to be made available to the
public (Code section 6104). Proposed regulations were published in 2007.
- Regulations under section 6109 regarding the use of preparer tax identification numbers (PTINs) by tax return preparers.
- Regulations regarding interest on tax overpayments by tax-exempt organizations (Code section 6611).
- Update of guidance concerning user fees.
- Regular updates to procedures for letter rulings, technical advice, and user fees.