On January 12, the IRS released its Exempt Organization Newsletter, Issue Number 2015-1.
Revenue Procedures updated for 2015 Simplified process for issuers of qualified 501(c)(3) bonds Register for IRS webinar: Gaming and Tax-Exempt Organizations
1. Revenue Procedures updated for 2015
Six revenue procedures that affect exempt organizations have been updated for 2015. The procedures – Rev. Proc. 1-5 and 8 – are available at Recent EO Published Guidance under Revenue Procedures. All 2015 updated revenue procedures are available in the Internal Revenue Bulletin.
2. Simplified process for issuers of qualified 501(c)(3) bonds
Announcement 2015-2 provides a simplified VCAP process for issuers of qualified 501(c)(3) bonds, as defined in the announcement, to request a closing agreement in situations in which the borrower of the proceeds of the bonds received Prospective Reinstatement, as defined in the announcement, after its tax-exempt status was automatically revoked under section 6033(j)(1) of the Internal Revenue Code (the “Code”).
3. Register for IRS webinar: Gaming and Tax-Exempt Organizations
Thursday, January 22 at 2 p.m. ET
- Gaming’s impact on tax-exempt status
- Gaming and unrelated business income
- Maintaining records
- Reporting requirements
- Workers conducting gaming activities
- Reporting winnings and withholding income tax
- Gaming Excise taxes
- IRS resources