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Priority Guidance Plan: 2007-2008
The joint Department of Treasury/Internal Revenue Service priority guidance plan for 2007-2008 contains the following items of interest to tax-exempt organizations:
- Final regulations under Internal Revenue Code sections 501(c)(3) and 4958 on revocation standards for organizations that engage in excess benefit transactions (proposed regulations were published September 9, 2005).
- Proposed regulations on new requirements for supporting organizations added by the Pension Protection Act of 2006.
- Regulations regarding qualified tuition programs under section 529.
- Final regulations on excise taxes on prohibited tax shelter transactions and related disclosure requirements.
- Proposed regulations on new excise taxes on donor-advised funds, as added by the Pension Protection Act of 2006.
- Regulations on the e-Postcard notification requirement for entities currently not required to file.
- Regulations to implement Form 990 revisions.
- Proposed regulations under Code section 170(f)(12), regarding contributions of qualified vehicles. Interim guidance was issued as Notice 2005-44.
- Regulations under section 170 on revisions to substantiation and reporting requirements for charitable contributions adopted by recent legislation. Interim guidance was issued as Notice 2006-96.
- Guidance under section 642(c) on the ordering rules for charitable payments made by a charitable lead trust.
- Revenue ruling on the division of charitable remainder trusts under section 664.
- Proposed regulations under section 664(c) to reflect 2006 legislation concerning the effect of unrelated business income on charitable remainder trusts.
- Revenue procedure under section 2522 providing sample inter vivos charitable lead unitrusts.
- Guidance under section 460 addressing the application of the lookback interest rules to certain pass-through entities with tax-exempt owners.
- Final regulations under section 6050L on amended information reporting requirements for qualified intellectual property contributions. Proposed regulations were published in May 2005.
- Regulations under section 6611 regarding interest on overpayments by tax-exempt organizations.
- Updates of annual revenue procedures governing issuance of letter rulings and technical advice and providing a schedule of user fees for the Tax Exempt and Government Entities Division.
Page Last Reviewed or Updated: 18-Sep-2014