EO Update January 6, 2006
Issue Number: 2006-1
Inside This Issue
- New Exempt Organizations Division Director
- Update on Donated Vehicles
- Everson Speech Highlights Tax-Exempt Initiatives
- Reminder - You May Be Required to File Electronically This Year!
- e-File News
1. New Exempt Organizations Division Director
Lois G. Lerner has been selected as the Director of the Exempt Organizations Division of the Internal Revenue Service. She replaces Martha Sullivan, who retired from the IRS at the end of December.
2. Update on Donated Vehicles
The IRS reminds taxpayers that they must obtain a charity's written acknowledgement of their vehicle donation before they claim a deduction for the donation. This news release also clarifies that a charity need not sell the vehicle in 2005 in order for the donor to receive a deduction for 2005.
3. Everson Speech Highlights Tax-Exempt Initiatives
A recent speech by IRS Commissioner Mark W. Everson highlights IRS initiatives on tax-exempt organization issues, including credit counseling, excessive compensation, abusive transaction settlement initiatives, and political activity.
4. Reminder - You May Be Required to File Electronically This Year!
Exempt organizations are reminded that they may be required to file certain returns electronically. For tax year 2005 returns that are due in 2006, new regulations require organizations with total assets of $100 million or more that file 250 or more returns a year, including income tax, excise tax, information, and employment tax returns, to file electronically.
5. e-File News
Visit the Modernized e-file for Charities and Nonprofits homepage for up-to-date information on IRS resources available to tax-exempt organizations filing electronically.
E-File Statistics for Year to Date ending December 22, 2005
|7004 (for 1120-POL)||3|