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Not For Profit/Exempt Organizations Blog

IRS and Treasury Release Annual Priority Guidance Plan

Posted in Healthcare Organizations, IRS Filings, Private Foundations

The IRS and Treasury Department have released their annual Priority Guidance Plan (the “Plan”) for the 2012-2013 fiscal year.  The 35-page Plan is available here and includes thirteen projects directly related to Exempt Organizations.  At least five other projects, such as final regulations under Section 170 regarding charitable contributions and guidance on Section 403(b) plans, are also likely to be of interest to Exempt Organizations.

These projects listed in the Plan relating to Exempt Organizations include:

  •  Revenue Procedures updating grantor and contributor reliance criteria under Sections 170 and 509;
  • Regulations under Section 501(r) on the requirements for community health needs assessments by charitable hospitals;
  • Additional guidance on Section 509(a)(3) supporting organizations;
  • Final regulations under Section 4944 on program-related investments;
  • Regulations under Section 6033 relating to group returns by exempt organizations;
  • Regulations concerning the fractions rule under Section 514(c)(9); and
  • Regulations regarding the new excise taxes on donor advised funds and fund management under Section 4966.

Some of the projects included in the November 2012 Plan have already been accomplished, such as the issuance of additional guidance under Sections 4942 and 4945 regarding reliance standards for making equivalency determinations  and a Notice under Section 170 regarding charitable contributions to disregarded entities .

As usual, the IRS and Treasury have requested public comments and suggestions as they continue to write guidance throughout the plan year.