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Not For Profit/Exempt Organizations Blog

Tag Archives: IRS

Update on the Department of Labor’s New Fiduciary Rules and Subsequent Challenges

Posted in Fiduciary, IRS, Labor

On April 6, 2016, the Department of Labor under the Obama administration issued a new final rule and exemptions addressing when a person providing investment advice with respect to an employee benefit plan or individual retirement account is considered to be a “fiduciary” under the Employee Retirement Income Security Act of 1974 (“ERISA”) and the… Continue Reading

IRS Commissioner Says IRS is “Under New Management;” What’s Happened Over the Past Year In the IRS Affecting Tax-Exempt Organizations?

Posted in IRS Filings

On March 31, 2015, the Commissioner of the IRS reported in a speech to the National Press Club that the IRS is “under new management” due to major changes in management staff over the last few years.  Many of these management changes, as well as changes in organization and procedures, were in the Tax-Exempt and Governmental… Continue Reading

IRS Rules on Domesticated Organization and Tax-Exempt Status

Posted in IRS Filings

Late last year, the Internal Revenue Service (“IRS”) issued a letter ruling, PLR 201446025, providing that, in certain instances, a nonprofit corporation exempt under Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, and incorporated in State A was not required to file a new application for tax-exempt status (IRS Form 1023) when… Continue Reading

IRS Issues Wake Up Call to Colleges and Universities — Congress to Hold Hearings

Posted in IRS Filings

The IRS released its Final Report on its five year study of the audit results of colleges and universities.  Lois G. Lerner, Director of the Exempt Organizations division of the IRS announced the “long awaited” posting of the report. In 2008, the IRS sent a 33 page questionnaire to 400 randomly selected colleges and universities.  In 2010,… Continue Reading