- A discussion of the enactment of new Code Section 4965, regarding the excise tax for engaging in prohibited tax shelter transactions by tax-exempt organizations, as enacted by the Tax Increase Prevention and Reconciliation Act of 2005, which was act
- The federal tax discussion has been substantially revised in the following ways:
- a. The intermediate sanctions rules of Code Section 4958 have been updated;
- b. The private foundation excise taxes portion of the tax discussion has also been substantially revised and updated;
- c. The excise business holding rules of Code Section 4943 have now been extended to Section 509(a)(3) Supporting Organizations;
- d. For Section 501(c)(3), which file Forms 990-T, the Form 990-T is now subject to public inspection in a manner similar to the Form 990. Therefore, the portion of the book regarding disclosure requirements has also been updated.
- The Service has always disclosed certain tax information to state taxing agencies regarding adverse actions actually taken against tax-exempt organizations. [IRC § 6104] The sharing of tax information now also includes the sharing of proposed action
- A short discussion of Code Section 512(b)(13) has been included, since it was also amended by the Pension Protection Act of 2006.
- Distributions from private foundations to certain Section 509(a)(3) supporting organizations do not qualify as qualifying distributions, under Code Section 4942. This has also been included in the 2007 edition.
- The Service recently issued a substantially revised Form 990, a copy of which has been included in the appendices to the 2007 edition. A copy thereof is also available on the IRS website, at irs.gov.
- For Section 509(a)(3) supporting organizations, such organizations are now required to file Form 990 for every year, without regard to a minimum level of gross receipts. This was also a requirement that was enacted as part of the Pension Protection
- Updated state laws.
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