Built on the foundation of the Tax Management Portfolios™, Bloomberg BNA Tax & Accounting is a comprehensive tax research solution designed by tax practitioners for tax practitioners.
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.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to firstname.lastname@example.org.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to email@example.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)