Thursday, September 8, 2011
The Internal Revenue Service, IRS Chief Counsel, and Department of the Treasury have jointly issued the 2011-2012 Priority Guidance Plan. There is little if anything of surprise in the Exempt Organizations section, with all of the items listed representing guidance that was known to be in process or that was expected given recent legislation. Here is the complete list:
- Final regulations under §§170, 507, 509, 6033 & 6043 to implement Form 990 revisions and to modify the public support test. Temporary regulations were published on September 9, 2008.
- Revenue procedures updating grantor and contributor reliance criteria under §§170 and 509.
- Guidance under §501(c)(29), as added by §1322 of the ACA, relating to tax exemption for certain qualified nonprofit health insurance issuers.
- Regulations under §§501(r) and 6033 on additional requirements for charitable hospitals as added by §9007 of the ACA.
- Notice under §§501(r) and 6033 on additional requirements for charitable hospitals as added by §9007 of the ACA. (PUBLISHED 07/25/11 in IRB 2011-30 as NOT. 2011-52 (RELEASED 07/07/11).
- Final regulations under §§509 and 4943 regarding the new requirements for supporting organizations, as added by §1241 of the Pension Protection Act of 2006. Proposed regulations were published on September 24, 2009.
- Additional guidance on §509(a)(3) supporting organizations.
- Update to Revenue Procedure 92-94 on §§4942 and 4945.
- Notice under §4943, as amended by §§1233 and 1243 of the Pension Protection Act of 2006, on excess business holdings rules.
- Guidance under §4944 on program-related investments.
- Regulations regarding the new excise taxes on donor advised funds and fund management under §4966 as added by §1231 of the Pension Protection Act of 2006.
- Regulations under §6033 on group returns.
- Final regulations under §7611 relating to church tax inquiries and examinations. Proposed regulations were published on August 5, 2009.