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EO Update January 12, 2005

 

Issue Number: 2005-02

 


Inside This Issue:

  1. New Law Encourages Tsunami Relief Contributions
  2. Temporary and Proposed Regulations: e-File Required for Large Organizations
  3. Upcoming EO Tax Law Workshops
  4. Improvements on IRS.gov: Search for Charities


  1. New Law Encourages Tsunami Relief Contributions

    President Bush signed legislation Friday, January 7th allowing American tax payers to deduct charitable contributions made to qualified tsunami relief organizations by January 31, 2005 from their 2004 taxes.

    For more information, read Tsunami Relief - January 05 Contributions Deductible on 2004 Tax Returns on the irs.gov Web site.

    For more information about disaster relief, see IRS Publication 3833, Disaster Relief, Providing Assistance Through Charitable Organizations.

    New organizations seeking tax-exempt status to provide relief to victims of the December 2004 tsunami in Southeast Asia should apply by filing Form 1023, Application for Recognition of Exemption , and write "Tsunami Relief" at the top of the form. The IRS will give these applications immediate attention.


  2. Temporary and Proposed Regulations: e-File Required for Large Organizations

    The IRS and Treasury Department have issued Temporary and Proposed Regulations that require organizations with total assets of $100 million or more to file annual exempt organization returns electronically beginning in 2006 (tax year 2005); private foundations and organizations with total assets of $10 million or more will be required to file electronically beginning in 2007.

    Comments on Proposed Regulations, and requests to speak at a March 16, 2005, public hearing, must be received by February 28, 2005.


  3. Upcoming EO Tax Law Workshops

    The IRS will offer tax help for small and mid-sized nonprofit organizations, in the form of a traveling workshop program on exempt organizations tax law. The 8-hour workshop begins with an overview of tax-exempt status, and continues with more in-depth discussions of activities that can jeopardize 501(c)(3) status, unrelated business income and gaming, employment issues for charities and nonprofits, recordkeeping and disclosures, and an overview of the Form 990 Information Return.

    Workshops will be offered in Houston, New York, San Francisco, Cleveland, Washington, DC and Charlotte, NC beginning in April, 2005. Registration will begin on February 15. Check the Calendar of Events on the IRS.gov Web site for updates.


  4. Improvements on irs.gov: Search for Charities

    The IRS launched an updated version of its charitable organizations search engine, allowing users to quickly verify the tax-exempt status of an organization by searching IRS Publication 78, Cumulative List of Organizations described in Section 170(c) of the Internal Revenue Code of 1986, January 7. The search engine gives users a variety of search options, allowing for more accurate results. Users can request name searches with results that “include,” “begin with,” or “exactly match” the search text. Searchers can narrow the results by specifying the organization’s city, state or country. In addition, search results include the organization’s type of exemption, and the ending date of the advance ruling period, when applicable.

 




Page Last Reviewed or Updated: 04-Feb-2014