IRS Seeks Comments on Impending Disclosure Requirements

As previously blogged, tax-exempt organizations are among 40 million entities that will be affected by new disclosure requirements as to payments made in the course of its operations beginning in 2012.  Accordingly, in Notice 2010-51, the IRS is inviting public comments regarding guidance to be provided as to those new reporting requirements.  Again, these new requirements imposed by the Patient Protection and Affordable Care Act of 2010 expand the existing information reporting requirements to apply to payments made to corporations and to include certain payments of gross proceeds and with respect to property.

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