I thank the IRS for sending the following e-Newsletter.
Issue Number: 2012-12
The IRS has issued a notice of proposed rulemaking regarding certain additional requirements enacted by the ACA applicable to charitable hospitals (see “Additional Requirements for Tax-Exempt Hospitals”).
The proposed regulations address the requirements that charitable hospitals:
Comments are requested by Sept. 24, 2012.
Helpful information for Report of Foreign Bank and Financial Accounts (FBAR) filings.
Don’t miss listening to the July 18 phone forum where IRS Exempt Organizations specialists will lead a discussion on six topics of importance to exempt organizations that conduct gaming. Topics include the impact of gaming on tax-exempt status, internal controls and recordkeeping, Form 990 filing requirements, unrelated business income tax, filing requirements for payments made to individuals and wagering/excise taxes.
In their need to raise funds, 501(c)(3) organizations sometimes sell property financed with tax-exempt bonds. These sales could cause the bond issue to become taxable.
Sale of Assets Financed with Tax-Exempt Bonds by State and Local Governments and 501(c)(3) Organizations provides basic information concerning on remedial actions needed to preserve the tax-exempt status of the bond issue.
The IRS also has released the new Publication 5005, Your Responsibilities as a Conduit Issuer of Tax-Exempt Bonds. This publication provides an overview for state and local governments of the responsibilities of the conduit issuer with respect to tax compliance in municipal financing arrangements, commonly known as conduit financings.
Please register for the July 25 EO webinar, “Churches and Religious Organizations.”
This free webinar will cover the following topics:
Presentation times: 2 p.m. Eastern Time, 1 p.m. Central Time, Noon Mountain Time, and 11 a.m. Pacific Time
Visit the following archived webinars at IRS video portal under the non-profit tab:
A law change enacted late last year now provides an expanded Work Opportunity Tax Credit (WOTC) to employers that hire eligible unemployed veterans. The credit can be as high as $9,600 per veteran for for-profit employers or up to $6,240 for tax-exempt organizations. The amount of the credit depends on a number of factors, including the length of the veteran’s unemployment before hire, hours a veteran works and the amount of first-year wages paid. Employers who hire veterans with service-related disabilities may be eligible for the maximum credit.
If you have a technical or procedural question relating to Exempt Organizations, visit the Charities and Nonprofits homepage on the IRS.gov Web site.
If you have a specific question about exempt organizations, call EO Customer Account Services at 1-877-829-5500.
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