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Updated IRS Bulletin: Regulations, Guidance and Notices

Updated IRS Bulletin: Regulations, Guidance and Notices
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Tax-Exempt Organizations May Face Filing Delays Due to IRS System Upgrades

Tax-Exempt Organizations May Face Filing Delays Due to IRS System Upgrades
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Inflation Reduction Act Direct Pay Mechanism Benefits Tax-Exempt Entities

Inflation Reduction Act Direct Pay Mechanism Benefits Tax-Exempt Entities
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IRS Tax Law News April 17 Through 21 2023

Internal Revenue Service IRS guidance and tax matters for April 17 through April 21 2023 involves Ticket to Work, Work Incentives Improvement Act of 1999, Advance Pricing and Mutual Agreement Program, Superfund chemical taxes, clean vehicles credit, federal income tax rates.

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Reminder to tax-exempt organizations: 990s, other forms due July 15; e-file best way to file

Reminder to tax-exempt organizations: 990s, other forms due July 15; e-file best way to file
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IRS Reminds Tax-Exempts About Deadline to File Form 990


The returns include:
Form 990-series annual information returns (Forms 990, 990-EZ, 990-PF, 990-BL);
Form 990-N, “Electronic Notice (e-Postcard) for Tax-Exempt Organizations Not Required to File Form 990 or Form 990-EZ;”
Form 990-T, “Exempt Organization Business Income Tax Return (other than certain trusts);” and
Form 4720, “Return of Certain Excise Taxes Under Chapters 41 and 42 of the Internal Revenue Code.”
To help exempt organizations comply with their filing requirements, the IRS has provided a series of pre-recorded online workshops.
By law, organizations that fail to file annual reports for three consecutive years will see their federal tax exemptions automatically revoked as of the due date of the third year they are required to file. The Pension Protection Act of 2006 (PPA) mandates that most tax-exempt organizations file annual Form 990-series information returns or notices with the IRS. The law, which went into effect at the beginning of 2007, also imposed a new annual filing requirement for small organizations. Churches and church-related organizations are not required to file annual reports.

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Update on UBTI SILO Rule and IRS Form 990-T Electronic Filing | McGuireWoods LLP


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For nonprofit organizations that report on a calendar-year basis, the May 17, 2021, deadline to file Form 990 and Form 990-T electronically is quickly approaching. Nonprofits should take time to review the recently released revised Form 990-T and its accompanying instructions before preparing and electronically filing their 2020 returns.
Additionally, nonprofits should consider the final regulations issued in November 2020 under Internal Revenue Code section 512(a)(6) regarding the unrelated business income tax imposed on exempt organizations with more than one unrelated trade or business. These final rules addressed many concerns raised about the 2017 Tax Act changes, IRS Notice 2018-67 and the proposed regulations. Because Form 990-T and its accompanying revised Schedule A include significant changes to reflect these new rules, nonprofit organizations may also need to make changes to their internal record-keeping procedures, among other things, to properly address their annual tax filing obligations for 2020 and going forward.

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