Wednesday, November 18, 2020
Yesterday the Department of the Treasury, the IRS, and the Chief Counsel's office released the 2020-2021 Priority Guidance Plan, listing the guidance projects that will be the focus of those offices' efforts from July 1, 2020 through June 30, 2021. There are no big surprises for those who have been tracking such items.
Here are the items most relevant to tax-exempt organizations, other than routine or ministerial guidance that is generally published each year, divided into (1) Tax Cuts and Jobs Act guidance, (2) items specifically listed under "Exempt Organizations," and (3) items from other headings that are relevant to tax-exempt organizations:
Implementation of Tax Cuts and Jobs Act (TCJA)
- Regulations on computation of unrelated business taxable income for separate trades or businesses under § 512(a)(6), as added by section 13702 of the TCJA, and allocation of certain expenses by exempt organizations with more than one unrelated trade or business. Proposed regulations were published on April 24, 2020.
- Final regulations under § 4960 [excise tax on annual compensation over $1 million and certain parachute payments paid by applicable tax-exempt organizations], as added by section 13602 of the TCJA. Proposed regulations were published on June 11, 2020.
- Final regulations on the excise tax on net investment income of certain private colleges and universities under § 4968, as added by section 13701 of the TCJA. Proposed regulations were published on July 3, 2019. RELEASED 09/18/20 on IRS.gov as TD 9917.
- Guidance revising Rev. Proc. 80-27 regarding group exemption letters. Notice 2020-36 was published on May 18, 2020.
- Guidance on circumstances under which an LLC can qualify for recognition under § 501(c)(3).
- Guidance on additional deadline relief in response to the COVID-19 pandemic for applicable hospital organizations that are required to meet the community health needs assessment (CHNA) requirements under § 501(r)(3) of the Code. PUBLISHED 08/03/20 in IRB 2020-32 as NOT. 2020-56 (RELEASED 07/14/20).
- Final regulations on § 509(a)(3) supporting organizations. Proposed regulations were published on February 19, 2016.
- Guidance under § 4941 regarding a private foundation's investment in a partnership in which disqualified persons are also partners.
- Regulations regarding the excise taxes on donor advised funds and fund management.
- Final regulations under § 6104(c). Proposed regulations were published on March 15, 2011.
- Final regulations designating an appropriate high-level Treasury official under § 7611. Proposed regulations were published on August 5, 2009.
- Guidance under § 170(e)(3) regarding charitable contributions of inventory. [Listed under Burden Reduction.]
- Regulations and other guidance under §§ 419A and 501(c)(9) relating to welfare benefit funds, including voluntary beneficiary associations (VEBAs). [Listed under Employee Benefits.]
- Final regulations on the fractions rule under § 514(c)(9)(E). Proposed regulations were published on November 23, 2016. [Listed under Partnerships.]
- Regulations under § 704(d) regarding charitable contributions and foreign taxes in determining limitation on allowance of partner’s share of loss. [Listed under Partnerships.]
- Guidance updating electronic filing requirements for exempt organizations [under §§ 6011(h), 6033(n)] . . . to reflect changes made by the Taxpayer First Act. [Listed under Taxpayer First Act Guidance.]