IRS Update: Lobbying, Foreign Bank Accounts, the 2009 Form 990 & More
Highlights of recent IRS activities and news for tax-exempt nonprofit organizations:
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Private Letter Ruling courtesy of Alliance for Justiceconfirming that Code section 501(h) electing public charities can rely on the grantmaking rules for private foundations to determine if a grant is a lobbying expenditure
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Council on Foundation comments on the reporting obligationof nonprofit executives for foreign bank and financial accounts (FBAR) – a little known wrinkle in the FBAR rules that have been causing such concern for individuals with offshore accounts requires nonprofit executives with certain authority over their organization’s foreign accounts to report those accounts on the executives’ personal tax returns (even if the executives have no personal financial interest in those accounts), unless the Council and other commentators can convince the IRS to grant relief from this obligation
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Draft 2009 Form 990 Form and Schedules are now available on the IRS website (hattip: Paul Streckfus’ EO Journal and Celia Roady)
- Revised Disaster Relief: Providing Assistance Through Charitable Organizations Publication (3833)
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Revised Applying for 501(c)(3) Tax-Exempt Status Publication (4220)
LHM