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IRS Exempt Organization Newsletter 2012-7

March 27, 2012


On March 26, the IRS released its Exempt Organization Newsletter, Issue Number 2012-07. Topics include the following:

  • Reporting Partnership Interests using Form 1065/Schedule K-1 Optional for Tax Year 2011
  • IRS Releases FY 2011 Data Book
  • IRS Revises Publication 1771
  • IRS Issues Final Regulations on Public Inspection of EO Material
  • Register for Upcoming Workshops for Small and Medium-sized 501(c)(3)s
  • YouTube: Work Opportunity Tax Credit
  • Deducting Charitable Contributions: Eight Essentials
  • IRS Exempt Organization Newsletter 2012-6

    March 15, 2012


    On March 14, the IRS released its Exempt Organization Newsletter, Issue Number 2012-06. Topics include the following:

  • Reliance for Contributors and Grantors
  • Removing an Organization from the Auto-Revocation List
  • Select Check Data Alerts
  • IRS Encourages Employers to Check Out the Small Business Health Care Tax Credit
  • IRS and Treasury Invite Recommendations for 2012-13 Guidance Priority List
  • Winter 2012 Statistics of Income Bulletin Features Exempt Organizations Topics
  • Check Out the IRS YouTube Channel
  • IRS to Co-Sponsor Conference on Nonprofit Governance
  • Call Me Ishmael

    Call Me Ishmael

    March 12, 2012

    Authored by: Nathan Boyce

    I have heard it said by boat owners that the second best day in your life is the day you buy your boat.  The best day is the day you sell your boat.  Having never owned a boat, my boat experience consists of falling when trying to ski, falling when trying to wakeboard and reading Moby Dick. I asked my wife what she thought about boats and I (literally) got these responses:

    (1) Sailor hats look dorky. (2) Why can’t they just say “right” and “left”?

    IRS Issues Chief Counsel Advice 201208026

    March 8, 2012


    Late last month, the IRS released Chief Counsel Advice 201208026, which relates to gifts by the grantors of a crummey trust to the trust. The IRS held that the grantors had made completed gifts and that the withdrawal rights under the trust were unenforceable and illusory and, therefore, no annual exclusion was allowable with respect to the gifts.

    IRS Exempt Organization Newsletter 2012-05

    March 7, 2012


    On March 7, the IRS released its Exempt Organization Newsletter, Issue Number 2012-05. Topics include the following:

  • Tax Year 2011 990 Series Returns Now Available
  • Register for Upcoming Workshops for Small and Medium-sized 501(c)(3)s
  • Payroll Tax Cut Extended: Revised Payroll Tax Form Now Available
  • EO’s 2012 Summer Internship Application Deadline Extended
  • Dirty Dozen Tax Scams for 2012
  • Disaster Relief Resources for Charities and Contributors
  • New Regulations on Public Inspection of Letter Rulings

    On February 28, the IRS issued final regulations amending sections 301.6104(a)-1(i) and 301.6110-1(a) to expressly allow public inspection of letter rulings denying or revoking an organization’s tax exempt status. The amendments are in response to Tax Analysts v. IRS, 350 F.2d 100 (D.C. Cir. 2003), in which the court held that including denials and revocations of tax exempt status “within the ambit of section 6104” and, thus, preventing disclosure, violated the plain language of section 6110. The final regulations are published in T.D. 9581, which can be read in full here.