The Treasury Department and Internal Revenue Service released their 2005-2006 Priority Guidance Plan on August 8, 2005. The following is from the short section on Exempt Organizations: EXEMPT ORGANIZATIONS 1. Guidance on donee reporting for car donations.2. Guidance on downpayment assistance organizations.3. Regulations under sections 501(c)(3) and 4958 on...
IRS & FEDERAL TAX ISSUES
Private Foundations Permitted to Make Grants to Charities that Lobby
The Chronicle of Philanthropy (March 3, 2005) reported that the IRS is reassuring private foundations that they are permitted to make grants to charitable organizations that lobby under the federal tax code. “Federal law prohibits private foundations from lobbying (except on issues that affect their own existence). But the...
Free Tax-Form Software
Urban Institute’s National Center for Charitable Statistics has developed a program that allows charities to enter, verify, print, and electronically file their Forms 990 or Forms 990-EZ. Find it here: http://efile.form990.org/.
501(c)(3) Organization: Public Charity or Private Foundation
Organizations described in Internal Revenue Code Section* 501(c)(3) fall into two categories: private foundations and public charities. Under Section 509, all organizations, domestic or foreign, described in Section 501(c)(3) are private foundations except the types of organizations described in Sections 509(a)(1), (2), (3) or (4). “Public charities” is the...
IRS Exempt Organizations Division 2005 Priorities
The IRS Exempt Organizations (EO) division’s top priority for 2005: Building a stronger enforcement presence. EO’s four critical enforcement initiatives and planned actions for FY2005 are summarized briefly as follows: 1. Anti-Terrorism. • EO Examinations will examine a sample of returns to determine the effectiveness of controls put in...
IRS Exempt Organizations Division 2004 Accomplishments
The following list of accomplishments of the Exempt Organizations (EO) division of the IRS in 2004 is excerpted from the IRS Letter to colleagues, members of the press and taxpayers dated as of November 10, 2004: 1. Improve understanding and compliance. Ensuring that the tax-exempt community understands and complies...