Skip to content
LPBN-Icon-v1
Nonprofit Law Prof Blog

IRS Releases Priority Guidance Plan for 2018-2019

By nonprofitlawprof

Earlier this month, the Department of Treasury and IRS released the 2018-2019 Priority Guidance Plan.  The plan contains numerous initiatives related to the 2017 Tax Cuts and Jobs Act (“TCJA”), including the following related to exempt organizations:

  • Guidance on computation of unrelated business taxable income for separate trades or businesses under new §512(a)(6), as added by section 13702 of the TCJA. 
    • PUBLISHED 09/04/18 in IRB 2018-36 as NOT. 2018-67 (RELEASED 08/21/18).
  • Guidance on the excise tax on excess remuneration paid by “applicable tax-exempt organizations” under new §4960, as added by section 13602 of the TCJA.
  • Regulations on the excise tax on net investment income of certain private colleges and universities under new §4968, as added by section 13701 of the TCJA.
  • Regulations under §170 providing rules governing the availability of the charitable contribution deduction when a taxpayer receives or expects to receive a state or local tax credit.
  • Guidance under §274 concerning qualified transportation fringe benefits, including the application of new § 512(a)(7).

 

In addition, the Priority Guidance Plan identifies the following non-TCJA initiatives for exempt organizations:

EXEMPT ORGANIZATIONS

1. Final regulations on §506 as added by the PATH Act of 2015. Temporary and proposed regulations were published on 7/12/16.

2. Final regulations on §509(a)(3) supporting organizations. Proposed regulations were published on February 19, 2016.

3. Guidance under §512 regarding methods of allocating expenses relating to dual use facilities.

4. Regulations under §529A on Qualified ABLE Programs as added by section 102 of the ABLE Act of 2014. Proposed regulations were published on June 22, 2015.

5. Guidance under §4941 regarding a private foundation’s investment in a partnership in which disqualified persons are also partners.

6. Guidance regarding the excise taxes on donor advised funds and fund management.

7. Guidance under §6033 on reporting donor contributions.
• PUBLISHED 07/30/18 in IRB 2018-31 as REV. PROC. 2018-38 (RELEASED 07/16/18).

8. Final regulations under §6104(c). Proposed regulations were published on March 15, 2011.

9. Final regulations designating an appropriate high-level Treasury official under §7611. Proposed regulations were published on August 5, 2009.

–TLH

 

Posted in:
Federal-Executive