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Treasury, IRS Issue Update to 2012–2013 Priority Guidance Plan

By Bruce R. Hopkins, EditorMarch 20, 2013 | Print

The Department of the Treasury and the IRS, on February 5, issued the second-quarter update to the 2012–2013 Priority Guidance Plan. This plan, published last November (summarized in the January 2013 issue), entails 317 tax law projects that are priorities for allocation of the government’s tax law administration resources during July 2012–June 2013. This update adds 18 projects.

Tax-Exempt Organizations Law Projects

The tax-exempt organizations law projects in this updated plan are the following:

  • revenue procedures updating grantor and contributor reliance criteria (IRC §§ 170, 509);
  • revenue procedure updating Rev. Proc. 2011-33 for EO Select Check;
  • regulations on requirements for community health needs assessments by charitable hospitals; a notice concerning these assessments was published in 2011 (summarized in the September 2011 issue) [7.6(b)];
  • final regulations on additional tax law requirements for charitable hospitals (IRC §§ 501(r), 6033); proposed regulations were published last year (summarized in the August 2012 issue), and a hearing was held on this proposal last December (summarized in the February 2013 issue) [7.6(b)];
  • final regulations regarding the requirements for Type III supporting organizations; final and temporary regulations were published late last year (summarized in the February 2013 issue) [12.3(c)];
  • additional guidance on supporting organizations [12.3(c)];
  • additional guidance regarding reliance standards for private foundations making equivalency determinations (IRC §§ 4942, 4945); guidance was published last year (summarized in the November 2012 issue) [12.4(b), (e)];
  • regulations concerning program-related investments (IRC § 4944); proposed regulations were issued last year (summarized in the June 2012 issue) [12.4(d)];
  • proposed regulations regarding the donor-advised fund rules enacted in 2006 (IRC § 4966) [11.8(e)];
  • regulations as to group returns (IRC § 6033) [27.2(d)];
  • revenue procedure to update and consolidate all non-regulatory exceptions from the filing requirements (IRC § 6033);
  • final regulations concerning the IRS’s authority to disclose exempt organizations information to state officials (IRC § 6104(c)); proposed regulations were published in 2011 (summarized in the May 2011 issue) [26.8];
  • final regulations relating to church tax inquiries and examinations (IRC § 7611); proposed regulations were published in 2009 (summarized in the October 2009 issue) [26.6(c)];
  • regulations explaining the computation of the unrelated business income of exempt voluntary employees’ beneficiary associations (IRC §§ 501(c)(9), 512) [24.10];
  • regulations concerning the fractions rule (IRC § 514(c)(9)) [24.12(c)]; and
  • final regulations relating to the corporate liquidation rules (IRC § 337(d)); proposed regulations were published last year (summarized in the June 2012 issue) [29.8].

Charitable Giving Law Projects

The charitable giving law projects in this updated plan are the following:

  • final regulations concerning the charitable deduction recordkeeping, substantiation, and appraisal requirements (IRC § 170); proposed regulations were published in 2008 (summarized in the October 2008 issue) [21];
  • notice concerning charitable contributions to disregarded entities wholly owned by US charitable organizations (IRC § 170); notice was published in 2012 (summarized in the October 2012 issue) [10.9(b)]; and
  • guidance concerning adjustments to prototype charitable remainder trust forms (IRC § 664) [12].

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