Archive for June, 2010
EO Tax Journal 2010-88
The folks in California have been busy — first a proposal to address the treatment of discharge of indebtedness under the UBTI rules and second a comment letter on the proposed 509(a)(3) regulations.
The first item includes a draft of a proposed revenue ruling. May I make a suggestion to Lois Lerner? Hire this guy! It’s been obvious for several years that drafting revenue rulings is a lost art at the IRS, but here’s a fellow who can actually do what is now considered well-nigh impossible in today’s EO Division.
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EO Tax Journal 2010-87
Today I have Part 2 of the third panel discussion of the recent ABA meeting on “The Plight of Newspapers: Can Tax-Exempt Organizations Help?” Lots of interesting reading.
EO Tax Journal 2010-86
Today I have Part 1 of the third panel discussion of the recent ABA meeting, along with the handouts.
The Plight of Newspapers: Can Tax-Exempt Organizations Help?
EO Tax Journal 2010-85
1 – Strange Developments
2 – News from the Hill
3 – Grassley Seeks Data on Proposal to Change Private Foundation Excise Tax
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EO Tax Journal 2010-84
Today is the annual public meeting of the TE/GE Advisory Committee. I won’t be going because my doctor tells me I have the flu. (How anyone can get the flu in June is beyond me.) However, the report of most interest to exempt organizations, “Getting It Right: An Online Guide to Setting Executive Compensation for Charities,” should be up on the IRS website by early afternoon.
Maybe at today’s meeting Lois Lerner can tell us where we are with 990-N filings. In her ABA remarks, reprinted below, she was taking a hard but legally correct line on late filings. Eleven days later Commissioner Douglas Shulman issued what I have been referring to as his “Oh, never mind” statement, from which it appears late filers now have an indefinite period in which to make themselves right with the IRS.
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News from the IRS and Department of Treasury
What follows are the May 7 remarks of Emily Lam, attorney-advisor, Office of Tax Policy, Department of Treasury, Washington, and Lois Lerner, Director, Exempt Organizations, IRS, Washington, as delivered to members of the EO Committee of the ABA’s Tax Section. The moderator of the panel is Joe Lundy of Lundy & Flynn, Bala Cynwyd, Pennsylvania. Continue…