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EO Update August 21, 2007

Issue Number 2007-16


In This Issue

  1. Comments on Draft Redesigned Form 990
  2. Script – Phone Forum on Draft Redesigned Form 990
  3. Certain Charitable Contributions Designated Transactions of Interest Under New Reportable Transaction Regulations
  4. New Regulations – Tax-Sheltered Annuity Plans of Exempt Organizations
  5. Advance Notice of Proposed Rulemaking – Functionally Integrated Supporting Organizations
  6. e-File Statistics


1. Comments on Draft Redesigned Form 990

The IRS reminds exempt organizations and their advisers that comments on the draft revised Form 990 must be submitted by September 14, 2007. Comments are being posted on the IRS website.


2. Script – Phone Forum on Draft Redesigned Form 990

The IRS has posted the script from a recent phone forum on the Draft Redesigned Form 990.


3. Certain Charitable Contributions Designated Transactions of Interest Under New Reportable Transaction Regulations

The IRS has designated certain transactions as having the potential for tax avoidance or evasion and alerting participants to required disclosures and potential penalties.  More information is available on the Charities & Other Non-Profits website.


4.  New Regulations – Tax-Sheltered Annuity Plans of Exempt Organizations

The IRS recently issued the first comprehensive revision of regulations in 43 years for tax-sheltered annuity plans.  An article on the IRS.gov website discusses the new regulations under Internal Revenue Code section 403(b).


5.  Advance Notice of Proposed Rulemaking – Functionally Integrated Supporting Organizations

The IRS and Treasury Department have issued an Advance Notice of Proposed Rulemaking describing rules they anticipate proposing regarding payout requirements for functionally integrated Type III supporting organizations.


6.  e-File Statistics

e-File Statistics for Year-to-Date
ending August 19, 2007

 Form

 Year-to-Date

 990  15,730
 990-EZ  3,442
 990-PF  2,178
 1120-POL  4
 8868  20,821
 7004 (for 1120-POL)  81
 Total Returns/Extensions  42,256
Page Last Reviewed or Updated: 03-Jun-2013