Author Description

Tax Compliance for Tax-Exempt Organizations provides a detailed analysis of the federal tax laws affecting tax-exempt organizations and the tax treatment of donors to such organizations. It offers expert guidance to tax-exempt organizations and their tax advisors on the tax compliance issues they confront on a daily basis and the preparation of the various tax forms they must file with the IRS. It offers unique insight into four key areas: tax law and the rules that govern compliance; reporting requirements; compliance steps, choices and mechanisms; and accounting. The 2008 Edition of Tax Compliance for Tax-Exempt Organizations has been revised to bring the tax professional up to date on the latest developments in this complex and constantly changing area. Since 2008 is a national election year, the Service published important guidance for Section 501 (c) (3) organizations which explains the prohibition against participating in political campaigns in Revenue Ruling 2007-41, which is explained in detail in the text. Temporary and proposed regulations under Code Section 4965 were issued, regarding an organization's participation in tax shelter activities. Since there is an excise tax imposed under section 4965, these regulations are explained in detail. The Service published important guidance for Section 509 (a)(3) supporting organizations which are not functionally integrated with their publicly supported organizations. This guidance explains the differences between being functionally integrated and nonfuntionally integrated supporting organizations, as enacted by Congress in the 2006 Pension Protection Act legislation. The Form 990 has been substantially revised for years beginning in 2008 and thereafter. The revised Form 990 should provide a greater degree of transparency for organizations filing the revised form. However, due to the increased amount of information that is required to be provided, the cost to organizations for preparing the Form 990 may also incre