EO Update June 14, 2007
Issue Number 2007-13
Inside This Issue
- Comments Requested on Draft Redesigned Form 990
- Report of the ACT
- Gaming Phone Forum Script
- Qualified Conservation Easement Guidance
1. Comments Requested on Draft Redesigned Form 990
The IRS released for comment and discussion proposed revisions to Form 990, Return of Organization Exempt from Income Taxation. The IRS hopes to have the form ready for use for the 2008 filing year (returns filed in 2009).
2. Report of the ACT
The Advisory Committee on Tax Exempt and Government Entities (ACT) has issued a report on project recommendations for the Tax-Exempt and Government Entities Division. The report includes a proposal for an Exempt Organizations Voluntary Compliance Program.
3. Gaming Phone Forum Script
The IRS has posted the script from a recent phone forum on "Gaming and Exempt Organizations."
4. Qualified Conservation Easement Guidance
Notice 2007-50 provides guidance on new percentage limitations imposed by Internal Revenue Code section 170(b)(1)(E)(iii) on qualified conservation contributions made by individuals.