The IRS on August 22, 2016 released long-anticipated Revenue Procedure 2016-44 (Rev. Proc. 2016-44), which substantially increases flexibility in
A 501(c)(3) organization with outstanding tax-exempt debt generally is required to file Schedule K "Supplemental Information on Tax-Exempt Bonds"
The IRS is likely to use additional resources in fiscal 2012 for compliance programs aimed at taxpayers filing Form 990 Schedule K, "Supplemental Information on Tax-Exempt Bonds".
Several recent developments have underscored the importance for Section 501(c)(3) organizations with outstanding tax exempt bonds of adopting and implementing procedures for monitoring their post issuance compliance with federal tax requirements.
On August 5, 2011, in a Jones Day Commentary entitled "IRS TEB Publishes Final Report on Post-Issuance Compliance Survey," we described the results of a post-issuance compliance check program performed by the Tax Exempt Bonds ("TEB") function of the IRS Tax Exempt and Government Entities Division.
Housing counseling agencies and other non-profits have achieved a regulatory success that will help them to better serve consumers
On April 29, 2011, the Internal Revenue Service ("IRS") issued Private Letter Ruling ("PLR") 201117036 denying recognition of tax-exempt status under Section 501(c)(3) of the Internal Revenue Code ("Code") to a nonprofit credit counseling agency ("CCA") because its primary activity would have been the provision of pre-bankruptcy certification and post-bankruptcy counseling for fees.
On December 20, 2010, the Securities and Exchange Commission (SEC or Commission) voted to propose Rules 15Ba1-1 through 15Ba1-7 (collectively, the Proposed Rules) to, among other things, establish a permanent registration regime with the Commission for municipal advisors and impose certain record-keeping requirements on such advisors.
Section 501(c)(3) non-profit organizations that expect to use tax-exempt bonds to finance or refinance future projects should be alert to the Investing in American Jobs and Closing Tax Loopholes Act, HR 5893, a Congressional bill that proposes to extend several favorable bond provisions currently set to expire at the end of the year.
The Internal Revenue Service (the "Service") Office of Chief Counsel ("Counsel") has issued a memorandum providing that organizations that engage in housing counseling may be subject to Section 501(q) of the Internal Revenue Code (the "Code"), and that activities related to the modification of the terms of a borrower's mortgage generally do not violate the Section 501(q) prohibition on loan negotiation.