The 2015-2016 priority guidance plan [PDF 159 KB] is a list of projects that the IRS and Treasury Department intend to work on during the 12-month period ending June 30, 2016 and includes projects relating to tax law issues in all areas, ranging from consolidated returns to tax administration.
Projects under the heading “Exempt Organizations” include:
The priority guidance plan also includes projects relating to regulations concerning the fractions rule under section 514(c)(9) and to final regulations under section 512 explaining how to compute unrelated business taxable income of voluntary employees’ beneficiary associations described in section 501(c)(9) (note that proposed regulations were published on February 6, 2014).
Projects relating to charitable contributions include: (1) final regulations under section 170 regarding charitable contributions (note that proposed regulations were published August 7, 2008), (2) regulations under section 170(f)(8) regarding donor substantiation of charitable contributions, and (3) guidance under section 170(e)(3) regarding charitable contributions of inventory.
Projects relating to tax-exempt bonds include a revenue procedure that will update Rev. Proc. 97-13 relating to the conditions under which a management contract does not result in private business use under section 141.
Many other projects of interest to exempt organizations include, for example, numerous projects involving employee benefits; a project involving regulations under section 7701 providing criteria for treating an entity as an integral part of a state, local, or tribal government; and a project related to the Supreme Court’s decision with respect to the recognition of same sex marriages.
For more information, contact:
D. Greg Goller | +1 (703) 286-8391 | email@example.com
© 2017 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.