Monday, July 23, 2012

Boustany Calls Second Hearing on Tax-Exempts

Last Wednesday, House Ways and Means Oversight Subcommittee Chairman Charles Boustany (R-La.) announced that a second hearing on tax-exempt organizations (the first was held on May 16 as blogged herein) will be held on July 25, 2012.  Per the Ways and Means Committee website:

The hearing will focus on organizational and compliance issues related to public charities, including the increased complexity of public charity organizational structures, the rules governing profit-generating activities giving rise to unrelated business income tax, and whether the newly redesigned Form 990 is promoting increased compliance and transparency.

In the announcement, Boustany makes the following oversight comment:

Given the size and scale of the operations of public charities, which in 2008 had over $2.5 trillion in assets, it is critical that the Subcommittee continue its review of the tax-exempt sector.  Indeed, over the last two decades, the organizational structures of public charities have become increasingly complex, creating compliance and transparency issues.  This hearing is an excellent opportunity for the Subcommittee to hear from the IRS and experts in the tax-exempt community.  Their insight will allow the Subcommittee to better understand what is driving organizational complexity, and to learn about the new compliance efforts by the IRS and the UBIT rules.

No expert witnesses have yet been announced.

(Hat tip:  Daily Tax Report)

**Update: Contributing editor Elaine Waterhouse Wilson will be live blogging on July 25th during the hearing. 

NAM

http://lawprofessors.typepad.com/nonprofit/2012/07/boustany-calls-second-hearing-on-tax-exempts.html

Federal – Legislative | Permalink

TrackBack URL for this entry:

http://www.typepad.com/services/trackback/6a00d8341bfae553ef016768b242c9970b

Listed below are links to weblogs that reference Boustany Calls Second Hearing on Tax-Exempts:

Comments

Post a comment