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By Elizabeth Carrott Minnigh, Esq.
Buchanan Ingersoll & Rooney PC, Washington, DC
On September 8, 2011, the Treasury Department and the IRS issued final regulations (T.D. 9549, 76 Fed. Reg. 55746) under §§170(b), 507, 509(a), 6033 and 6043, necessary to implement the redesigned Form 990, Return of Organization Exempt From Income Tax. The final regulations generally adopted the temporary and proposed regulations with minor but important modifications.
On December 20, 2007, the IRS released a redesigned Form 990. Prior to this redesign, Form 990 had not been significantly revised since 1979. On September 9, 2008, the Treasury Department and the IRS issued temporary and proposed regulations (T.D. 9423, 73 Fed. Reg. 52528) to implement the redesigned Form 990. Generally, the temporary and proposed regulations:
The final regulations adopt the proposed and temporary regulations with minor but important changes. Among the changes are the following:
The final regulations are effective on September 8, 2011, and generally apply to tax years beginning on or after January 1, 2008.
With the issuance of the final regulations, the Treasury Department and the IRS have formally implemented the changes in public charity reporting first introduced in the 2007 redesign of the Form 990. The final regulations also provide important procedural clarifications.
For more information, in the Tax Management Portfolios, see Webster, 452 T.M., Tax-Exempt Organizations: Reporting, Disclosure and Other Procedural Aspects, and in Tax Practice Series, see ¶6810, Private Foundation Status, ¶6850, Termination of Private Status, and ¶7010, Maintaining Exemption.
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