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EO Update May 5, 2006

Issue Number:  2006-9


Inside This Issue

  1. May 15 e-File Deadline for Large Tax-Exempt Organizations
  2. Low Income Housing Tax Credit Limited Partnerships
  3. Seller-Funded Down Payment Assistance Programs Are Not Tax-Exempt


1.  May 15 e-File Deadline for Large Tax-Exempt Organizations

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.


 
2.  Low Income Housing Tax Credit Limited Partnerships
 
Exempt Organizations issued a directive for processing applications including information and safeguards to enable organizations to receive tax exempt, charitable status while partnering with for-profit investors to finance low income housing projects.
 

3.  Seller-Funded Down Payment Assistance Programs Are Not Tax-Exempt

Revenue Ruling 2006-27 has been issued addressing the exempt status of organizations that provide seller-funded down payment assistance to home buyers and whether the assistance received for down payment is treated as a gift and included in a home buyer’s basis.

Page Last Reviewed or Updated: 03-Jun-2013