IRS Releases Business Plan for 2001-2002.

The Internal Revenue Service has released its 2001 Priority Guidance Plan, listing those areas where it expects to release guidance between now and June 30, 2002. The most relevant items in the exempt organizations category appear to be those calling for the finalization of regulations regarding corporate sponsorship income and intermediate sanctions/excess benefit transactions. Below is the complete list of items affecting exempt organizations:

1. Guidance on Section 501(c)(4) (social welfare) organizations.

2. Guidance on Section 501(c)(12) (benevolent life insurance) organizations.

3. Guidance under Section 507 regarding termination of private foundation status.

4. Final regulations under Section 513(i) regarding corporate sponsorship payments received by exempt organizations.

5. Guidance under Section 514 regarding the investment of proceeds of qualified 501(c)(3) bonds.

6. Final regulations under Section 529 regarding qualified state tuition programs.

7. Guidance on split-interest trusts.

8. Announcement requesting comments on updates to private foundation regulations.

9. Final regulations of Section 4958 for certain excess benefit transactions.