Exempt Organizations

Exempt Organizations

TaxNewsFlash-Exempt Organizations — KPMG's reports of tax developments concerning U.S. exempt organizations

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TaxNewsFlash-Exempt Organizations

TaxNewsFlash-Exempt Organizations

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August 2015

Aug 31 - IRS waives penalties against colleges and universities, missing TINs

Aug 28 - Notice 2015-58: Pension plans maintained by cooperative, charity groups

Aug 5 - Report on IRS handling of tax-exempt status released

Aug 4 - New tax filing deadlines, tax provisions concerning exempt organizations


July 2015

Jul 31 - IRS priority guidance plan 2015-2016 - Exempt organization projects

Jul 30 - Notice 2015-52: Excise tax, high cost employer-sponsored health coverage

Jul 23 - Congressional hearing, GAO report on audits of exempt organizations

Jul 13 - Reminder: Do not overlook increased information return penalties in trade legislation

Jul 7 - Treasury: Quarterly list of countries cooperating with international boycott


June 2015

Jun 30 - Penalty relief for colleges and universities filing Forms 1098-T

Jun 29 - New Jersey Tax Court denies hospital’s property tax exemption

Jun 26 - Notice 2015-46: Charitable hospitals to include a provided list in financial assistance policy

Jun 26 - U.S. Supreme Court: Same-sex marriage

Jun 25 - U.S. Supreme Court: Health care reform law, tax credits

Jun 23 - Proposed regulations: Defining “issue price” of tax-exempt bonds, arbitrage restrictions


May 2015

May 22 - FASB proposes changes to not-for-profit financial statements

May 1 - Technical correction amends effective date for section 6033, hospital reporting


April 2015

Apr 23 - Treasury anticipates technical correction to effective date of section 6033 regulations, hospital reporting

Apr 21 - WOTC: Revised certification form; deadline extended to April 30 for certification

Apr 13 - KPMG report: FBAR filing deadline for 2014, other considerations

Apr 2 - Rev. Proc. 2015-28: Changes to EPCRS (correction program system for retirement plan sponsors)


March 2015

Mar 17 - Rev. Proc. 2015-27: Correction program system for retirement plan sponsors

Mar 10 - Notice 2015-18: ABLE accounts under section 529A

Mar 10 - Rev. Proc. 2015-21: Section 501(r) compliance; corrections, disclosures by hospitals

Mar 3 - Proposed regulations: Information reporting of bingo, keno and slot machine winnings


February 2015

Feb 23 - Notice 2015-16: Excise tax on high cost employer-sponsored health coverage

Feb 23 - Regulations: Clarify terms for “covered entity” for health insurance provider fee

Feb 23 - Notice 2015-15: Employee consents for purposes of employment tax refunds

Feb 10 - Announcement 2015-08: Refund claims of employment taxes paid on severance payments

Feb 10 - Notice 2015-11: QZAB allocations for 2014

Feb 2 - Rev. Proc. 2015-17: Exempt status of qualified nonprofit health insurance issuers

Feb 2 - Schedule H (Form 990): Changes for 2014

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