Internal Revenue Bulletin: 2008-18
May 5, 2008
Final regulations amend the existing regulations under sections 501(c)(3) and 4958 of the Code and clarify the relationship between the substantive requirements for tax exemption for public charities described in section 501(c)(3) and the imposition of section 4958 excise taxes on excess benefit transactions between public charities and their insiders. Specifically, the regulations set forth a non-exhaustive list of factors the IRS will consider in deciding whether to revoke the tax-exempt status of organizations that have engaged in excess benefit transaction(s). The regulations also add several examples to illustrate the requirement that an organization serve a public rather than a private interest. Furthermore, the regulations clarify that section 4958 does not apply at the time of the initial determination of exempt status.
This notice provides guidance regarding implementation of the tax return preparer penalty provisions under section 6694 of the Code. Notice 2008-13 supplemented.
The Department of Treasury and the Service invite public comments on recommendations for items that should be included on the 2008-2009 Guidance Priority List. Taxpayers may submit recommendations for guidance at any time during the year. Recommendations submitted by May 31, 2008, will be reviewed for possible inclusion on the original 2008-2009 Guidance Priority List. Recommendations received after May 31, 2008, will be reviewed for inclusion in the next periodic update.
|More Internal Revenue Bulletins|