The IRS has issued its 2018-2019 priority guidance plan. This is the list of projects to which is will give priority, assuming the shutdown ends within a reasonable time.
These all relate to implementation of Tax Cuts and Jobs Act
- Guidance on the calculation of unrelated business taxable income for separate trades or businesses.
- Guidance regarding opportunity zones
- Guidance on the excise tax on excess compensation paid by applicable organizations
- Regulations on the excise tax on net investment income of certain private colleges and universities.
- Regulations on filing requirements for various excise taxes to which tax exempt organizations may be subject.
- Regulations providing rules governing the availability of the charitable contribution deduction when the taxpayer receives or expects to receive a state or local tax credit.
- Guidance on qualified transportation fringe benefits. There is an effort to repeal this.
Other guidance relating to tax-exempt organizations
- Guidance regarding the excise taxes on donor advised funds and fund management.
- Final regulations concerning supporting organizations.
- Final regulations concerning IRS disclosure of tax-exemption information to state officials.
- Final regulations concerning notice requirements for social welfare organizations (section 501(c)(4))
- Guidance one disclosure of contributions to non-charitable organizations (c4 and c6 organizations).
Charitable giving rules
- Final regulations have already been issued for record keeping, substantiation and appraisal requirements.
- Guidance on charitable contributions of inventory.
We will keep you apprised of important developments as time goes on. Remember that tax deadlines won’t change while the IRS is mostly shutdown, so payroll taxes, excise taxes and unrelated business income tax must still be paid on time. Your form 990 will still be due 4 ½ months after the close of the fiscal year, unless you obtain an extension. If you have questions about how any of this may affect you, please give us a call.
