On Sept. 2, 2011, the IRS released its Priority Guidance Plan for 2011-2012. The plan identifies and prioritizes the tax issues that the IRS intends to address through regulations, rulings, or other administrative guidance from July 1, 2011 through June 30, 2012. Exempt organizations should be aware of these issues, as ones that the IRS may address during the coming year.
The Priority Guidance Plan lists the following issues for exempt organizations:
Final regulations under §§170, 507, 509, 6033 & 6043 to implement Form 990 revisions and to modify the public support test. Temporary regulations were published on Sept. 9, 2008.
- Published 9/8/11 as T.D. 9549.
- Revenue procedures updating grantor and contributor reliance criteria under §§170 and 509.
- Guidance under §501(c)(29), as added by §1322 of the Affordable Care Act (ACA), relating to tax exemption for certain qualified nonprofit health insurance issuers.
- Regulations under §§501(r) and 6033 on additional requirements for charitable hospitals as added by §9007 of the ACA.
Notice under §§501(r) and 6033 on additional requirements for charitable hospitals as added by §9007 of the ACA.
- Published 7/25/11 in IRB 2011-30 as Notice 2011-52 (released 7/7/11).
- Final regulations under §§509 and 4943 regarding the new requirements for supporting organizations, as added by §1241 of the Pension Protection Act of 2006. Proposed regulations were published on Sept. 24, 2009.
- Additional guidance on §509(a)(3) supporting organizations.
- Update to Revenue Procedure 92-94 on §§4942 and 4945.
- Notice under §4943, as amended by §§1233 and 1243 of the Pension Protection Act of 2006, on excess business holdings rules.
- Guidance under §4944 on program-related investments.
- Regulations regarding the new excise taxes on donor advised funds and fund management under §4966 as added by §1231 of the Pension Protection Act of 2006.
- Regulations under §6033 on group returns.
- Final regulations under §7611 relating to church tax inquiries and examinations. Proposed regulations were published on Aug. 5, 2009.
Certain items that the IRS considers to be in the gifts and estate and trusts area may also be of interest to exempt organizations. The Priority Guidance Plan included the following numbered items under that section:
- Final regulations under §642(c) concerning the ordering rules for charitable payments made by a charitable lead trust. Proposed regulations were published on June 18, 2008.
- Guidance concerning adjustments to sample charitable remainder trust forms under §664.
- Regulations under §1014 regarding uniform basis of charitable remainder trusts.
For a copy of the entire 2011-2012 Priority Guidance Plan, as available on the IRS website, click here.