Exempt organization issues.The Service's Exempt Organizations Division (EO) is considering a voluntary compliance program under which tax-exempt organizations could disclose Sec. 4958 violations (excess benefit transactions for disqualified dis·qual·i·fy tr.v. dis·qual·i·fied, dis·qual·i·fy·ing, dis·qual·i·fies 1. a. To render unqualified or unfit. b. To declare unqualified or ineligible. 2. persons). The EO is "very interested" in the idea of voluntary compliance, but does not want to administer it on an ad hoc For this purpose. Meaning "to this" in Latin, it refers to dealing with special situations as they occur rather than functions that are repeated on a regular basis. See ad hoc query and ad hoc mode. basis. A formal program is being explored, but no decision has yet been made, nor any timetable set. The EO is also working on guidelines for when agents should recommend both intermediate sanctions Intermediate sanctions is a term used in regulations enacted by the United States Internal Revenue Service that is applied to non-profit organizations who engage in transactions that inure to the benefit of a disqualified person within the organization. and revocation of an organization's exempt status; for now, the Service is looking at such situations on a case-by-case basis. Any agent making such a recommendation must run it through the IRS's Washington, DC, headquarters. The EO plans to issue an article within the next few weeks on "automatic" excess-benefit transactions under Sec. 4958. The IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. is looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. substantially excessive compensation of nonprofits' officers (i.e., those who receive $300,000 or $400,000 more than they should). |
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