EO Update October 15, 2012
Issue Number: 2012-17
Inside This Issue
- Shulman to Finish His Term as IRS Commissioner on Nov. 9
- EO launches Group Rulings Questionnaire
- Heads Up! Keeping Current on Exempt Organizations
- Register for Upcoming Workshops for Small and Medium-Sized Charities in Virginia
- SOI Tax Stats: Domestic Private Foundations and Charitable Trust Statistics
- IRS Seeks Applicants for Advisory Committee on Tax Exempt and Government Entities
- Renew your PTIN
- Authorizations: When to use the CheckBox, Form 8821 or Form 2848
1. Shulman to Finish His Term as IRS Commissioner on Nov. 9
The IRS announced that Doug Shulman, the 47th commissioner of the Internal Revenue Service, has decided to step down on Nov. 9, the last day of his term. Shulman indicated earlier this year that he planned to step down at the end of his term. Read news release.
2. EO launches Group Rulings Questionnaire
To help the IRS better understand the relationship between central, or “parent,” organizations of group rulings and their subordinates, and learn how they satisfy their exemption and filing requirements, Exempt Organizations is asking more than 2,000 randomly selected central organizations to complete a Group Rulings Questionnaire.
3. Heads Up! Keeping Current on Exempt Organizations
An Exempt Organizations seminar presented at the National Tax Forum in July 2012 is now online for $49 – and CPE credit is available.
Learn the latest from Exempt Organizations (EO) specialists about the implementation of major federal legislation and EO's actions and plans for helping organizations improve transparency and compliance. This session will help you track all the IRS initiatives in this dynamic sector.
By the end of this presentation you will:
- Learn tips that make applying for exemption easier, such as who is exempt from filing Form 1023, Application for Recognition of Tax Exemption
- Find out about “EO Select Check,” a new online search tool
- Understand two new tax credits for which exempt organizations may qualify: VOW to Hire Heroes Act and the Small Business Health Care Tax Credit
- Learn about EO’s education and outreach initiatives
- No prerequisites or advanced preparation are required for this seminar.
CPE credit is available for this seminar. If you would like to earn credit for a seminar, you must have an account with the IRS Nationwide Tax Forums Online and purchase the seminar for $49.00. You can purchase seminars one at a time or as a group. After completing the purchase through PayPal, you will be returned to your status page on www.irstaxforumsonline.com. You have one calendar year from the date of purchase to complete the course.
4. Register for Upcoming Workshops for Small and Medium-Sized Charities in Virginia
Take a moment to register for one of our upcoming workshops for small and medium-sized 501(c)(3) organizations. Each one-day workshop, presented by experienced Exempt Organizations specialists, will explain what 501(c)(3) organizations must do to keep their tax-exempt status and comply with tax obligations.
All full-day workshops are hosted by Virginia Tech and approved by the IRS for six continuing education credits for Enrolled Agents and Registered Tax Return Preparers.
This popular introductory workshop is especially designed for administrators or volunteers who are responsible for an organization's tax compliance as well as tax professionals who work with the organizations.
Registration is now available for the following workshop dates and locations:
- November 13 – Roanoke
- November 14 – Abingdon
- December 5 – Arlington
- January 10 – Portsmouth
- January 11 – Richmond
5. SOI Tax Stats: Domestic Private Foundations and Charitable Trust Statistics
Private foundations organized for charitable purposes are exempt from income taxes. They are differentiated from tax-exempt public charities by their narrow bases of control and financial support.
Statistics on private foundations are compiled from Form 990-PF, an annual information return that includes data on excise tax liability, charitable distributions, administrative expenditures, as well as income statement and balance sheet information.
Data are available for the following types of organizations: Operating foundations, non-operating foundations, and Section 4947(a)(1) nonexempt charitable trusts.
6. IRS Seeks Applicants for Advisory Committee on Tax Exempt and Government Entities
The IRS is seeking applicants from the exempt organizations community for two vacancies on the Advisory Committee on Tax Exempt and Government Entities (ACT).
The ACT provides an organized public forum for the IRS and representatives who deal with exempt organizations, employee plans, tax-exempt bonds, and federal, state, local and tribal governments to work together. The ACT provides public input and makes recommendations on administrative policy and procedures of the IRS Tax Exempt and Government Entities Division.
7. Renew your PTIN
All paid federal tax return preparers must obtain a Preparer Tax Identification Number (PTIN) and renew it annually or penalties may apply. PTIN renewal season for 2013 begins in mid-October.
8. Authorizations: When to use the CheckBox, Form 8821 or Form 2848
The recent IRS Live broadcast on third party authorizations is now available on the IRS Video Portal.