EO Update August 8, 2011
Issue Number: 2011-14
Inside This Issue
- New Form for Miscellaneous Determination Requests
- IRS Names New TE/GE Division Counsel
- Basic Rules for Restructuring Tax-Exempt Obligations
- Register Now for Remaining 2011 Tax Forums
- August 25: Free Employee Plans Free Phone Forum on Plan Corrections
1. New Form for Miscellaneous Determination Requests
The IRS has released a new form that tax-exempt organizations will use to request certain determinations about their tax-exempt status. In addition to foundation status issues, organizations will use Form 8940, Request for Miscellaneous Determination, to obtain advance approval of certain activities and exemption from Form 990 filing requirements. Organizations applying for recognition of exemption and at the same time requesting advance approval of scholarship procedures or exception from filing Form 990 should include their request with their Form 1023, Application for Recognition of Exemption Under Section 501(c)(3), rather than file Form 8940.
The simple one-page form is accompanied by instructions that specify what information is required to support each of the nine types of requests that may be submitted. The IRS reminds organizations that a user fee must accompany most requests. For more information, see IRS.gov.
2. IRS Selects New TE/GE Division Counsel
The Internal Revenue announced the selection of Victoria Judson for the position of Division Counsel/Associate Chief Counsel (Tax Exempt and Government Entities) effective Aug. 28, 2011.
3. Basic Rules for Restructuring Tax-Exempt Obligations
Tax-exempt bonds are often issued to finance facilities used for the operation of 501(c)(3) organizations, such as charities and certain educational and healthcare organizations. In the current financial climate, some issuers are contemplating restructuring the debt service on their tax-exempt bonds by entering into certain contractual agreements that modify the terms of the bonds. Learn the basic rules that apply to the restructuring ("reissuance") of tax-exempt obligations on the IRS Tax Exempt Bond Community website.
4. Register Now for Remaining 2011 Tax Forums
There's still time to register for the 2011 IRS Nationwide Tax Forums. The IRS Nationwide Tax Forums offer three full days of seminars with the latest word from IRS leadership and experts in the fields of tax law, compliance and ethics where attendees can earn up to 18 continuing professional education credits.
IRS Exempt Organizations (EO) will present a seminar, A Day in the Life of an Exempt Organization’s Audit, at this year's forums. This seminar will address the EO examination process, how an EO audit may differ from other IRS audits and how to prepare for the EO audit.
In addition, EO will present multiple sessions of its popular Form 990 Workshop at each forum location The 2011 Form 990 Workshop will present helpful ideas for successful preparation of the form and will emphasize areas of the form that have generated questions since the 2008 redesign.
Below are the locations and dates for upcoming 2011 IRS Nationwide Tax Forums:
- San Jose, California August 9-11 (check the website for late registration information)
- Las Vegas, Nevada August 16-18 (check the website for late registration information)
- Washington DC, National Harbor August 30-September 1 (Register online by August 16)
For more information and to register, visit the Nationwide Tax Forums website.
5. August 25: Free Employee Plans Phone Forum on Plan Corrections
IRS Employee Plans will offer a free phone forum on retirement plan correction issues and tips to avoid common mistakes on August 25. Get more information and learn how to register today.