Thursday, February 9, 2012
The Office of Exempt Organizations (”EO”), Tax Exempt & Government Entities Division of the Internal Revenue Service, has just published its 2011 Annual Report and 2012 Work Plan. Among other matters summarized in the report, the following are notable:
Proposed Treasury Regulation section 301.6104(c)-1) revised rules governing disclosure to state charity regulators, in view of amendments to Internal Revenue Code section 6104(c) by the Pension Protection Act. EO reportedly “coordinated extensively with the National Association of State Charity Officials to reduce barriers to states’ participation in the information-sharing program.”
Regulations implementing the revised Form 990 have been finalized.
Rev. Proc. 2011-15 increases the Form 990 filing threshold from $25,000 to $50,000 and consolidates many of the exceptions from filing Form 990 in one document.
As a result of the Affordable Care Act of 2010, the IRS must review the community benefit activities of tax-exempt hospitals. Accordingly, EO Exam created and trained a Review of Operations group dedicated to completing the statutorily required community benefit reviews, which began in March of 2011.
EO is completing its review of colleges and universities, based on the compliance questionnaire it sent to 400 institutions.