Author Description

Product 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 2009 Edition of Tax Compliance for Tax-Exempt Organizations has been substantially rewritten and revised from prior editions to bring you up to date on the latest developments in this complex and constantly changing area. * The Form 990 has been substantially revised for tax years beginning in 2008 (returns filed in 2009) and thereafter. The revised Form 990 should provide a greater degree of transparency for organizations filing the 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 increase. The new Form 990 in included in the Appendices hereto. * The Service has abolished the advance ruling process by amending it regulations. Also, Form 8734 is no longer required to be filed by new organizations. These important regulatory changes are fully explained in this 2009 edition. * The Service issued regulations regarding the requirement that certain gifts of property must be the subject of a qualified appraisal prepared by a qualified appraiser. This edition examines those regulations in detail. * The Service issued final regulations regarding the interplay of the intermediate sanctions rules and the general rules for exemption under Section 501(c)(3). These regulations provide helpful examples and are discussed in detail. About the Author Steven D. Simpson is a sole pra