On November 24, 2009, the IRS issued its Priority Guidance Plan for 2009-2010. The Plan contains 315 projects to be completed over a twelve-month period from July, 2009 through June, 2010.
The IRS notes that the following items from the Plan should be of interest to exempt organizations:
- Revenue procedure to provide terms for hosts of Cyber Assistant software (used to generate Form 1023 exemption applications eligible for reduced user fee).
- Final regulations on the new requirements for Type III supporting organizations, added by the Pension Protection Act of 2006; proposed regulations were published in September 2009.
- Notice under Code Section 4943 (excess business holdings), as amended by the Pension Protection Act.
- Guidance on program-related investments of private foundations (Code Section 4944).
- Final regulations on excise taxes on prohibited tax shelter transactions and related disclosure requirements; proposed regulations were published in 2007.
- Proposed regulations on new excise taxes on donor advised funds, as added by the Pension Protection Act.
- Regulations on group returns (Code Section 6033).
- Proposed regulations to update regulations under Code Section 6104(c), relating to disclosure to state charity agencies for changes made by the Pension Protection Act,
- Final regulations on church tax inquiries and examinations (Code Section 7611); proposed regulations were published in 2009.
- Revenue procedure on prototype plan documents for Section 403(b) tax-sheltered annuity plans, and guidance on termination of such plans.
- Guidance for ruling requests for church plans (Code Section 414(e)).
- Several items on guidance for deferred compensation plans of tax-exempt organizations and state and local governments (Code Section 457).
- Final regulations on appraisal requirements for certain charitable contributions of property; proposed regulations were published in 2008.
- Guidance on charitable lead trusts (Code Section 642(c)) and charitable remainder trusts (Code Section 664).
- Regulations addressing the application of the lookback interest rules (Code Section 460) to certain pass-through entities with tax-exempt owners.
- Final regulations regarding the disclosure of certain administrative actions that are required to be made available to the public (Code Section 6104). Proposed regulations were published in 2007.
- Regulations under Section 6109 regarding the use of preparer tax identification numbers (PTINs) by tax return preparers.
- Regulations regarding interest on tax overpayments by tax-exempt organizations (Code Section 6611).
- Update of guidance concerning user fees.
- Regular updates to procedures for letter rulings, technical advice, and user fees.
For more information about any of these items, please visit the IRS website.