Final regs. trigger increased exposure for exempt organizations
Article Abstract:
Final regulations released by the IRS have broadened and clarified the requirements for the public disclosure of tax-exempt organizations other than private foundations covered under Sections 501(c) or (d) of the tax code. These rules, which are found in Regs. 301.6104(d)-2 through (d)-5, went into effect on Jun 8, 1999, and furnish a number of alterative methods to comply with the disclosure laws. They also encourage exempt organizations to publish relevant records on the Internet. Thus, the financial information and activities of most large or small exempt organizations will most probably be subjected to closer scrutiny by the general public than was ever the case in previous times. These firms must quickly review their compliance procedures and amend them to avoid the possibility of non-compliance penalties.
Publication Name: Practical Tax Strategies
Subject: Law
ISSN: 0040-0165
Year: 1999
User Contributions:
Comment about this article or add new information about this topic:
Expanded relief offered for late S elections
Article Abstract:
Rev Proc 98-55, 1998-46 IRB 27 details the IRS's streamlined procedures for requesting relief for late elections of S corporation status and other S corporation elections. The new process is simpler than the letter ruling process normally called for to seek relief for late elections. Sec 1362(b)(5) authorizes the IRS to disregard lateness if there is a reasonable cause. Sec 1362(f) also empowers the Service to grant relief for ineffective S corporation elections caused by termination of election or by failure to comply with S corporation requirements. In addition, Rev Proc 98-55, 1998-46 IRB 27 provides relief for untimely S elections if the election is filed within one year of its original due date. Election procedures are discussed.
Publication Name: Practical Tax Strategies
Subject: Law
ISSN: 0040-0165
Year: 1999
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: Bingaman's antitrust era: the division's intensified enforcement and internalization agenda. Sense and nonsense on the minimum wage
- Abstracts: "Making it a federal case": a model for indigent representation. "A riddle wrapped in a mystery inside an enigma": general personal jurisdiction and notions of sovereignty
- Abstracts: Coming together. A review of contemporary approaches to social accounting, auditing and reporting in non-profit organisations
- Abstracts: The Plessy era. Light on a darkling plain: intercircuit conflicts in the perspective of time and experience . Skeptical scrutiny of plenary power: judicial and executive branch decision making in Miller v. Albright
- Abstracts: School finance in the courts. Policy implications of increased high school graduation expectations. Equity v. autonomy: the problems of private donations to public schools