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Nonprofit Law Prof Blog

IRS’s 3Q Update to Priority Guidance Plan

By nonprofitlawprof

Recommendations Sought For Upcoming IRS Priority Guidance Plan - CPA Practice Advisor

IRS released its 3rd quarter update to the 2023-24 Priority Guidance Plan.  Here are the parts most applicable to nonprofits:

EXEMPT ORGANIZATIONS

  1. Guidance revising Rev. Proc. 80-27 regarding group exemption letters. Notice 2020-36 was published on May 18, 2020.
  2. Final regulations on §509(a)(3) supporting organizations. Proposed regulations were published on February 19, 2016.  PUBLISHED 10/16/23 in FR as TD 9981 (FILED on 10/13/23).
  3. Regulations under §512 regarding the allocation of expenses in computing unrelated business taxable income and addressing how changes made to §172 net operating losses by section 2303(b) of the CARES Act apply for purposes of §512(a)(6).
  4. Guidance addressing the SECURE 2.0 Act changes relating to §529.
  5. Guidance under §4941 regarding a private foundation’s investment in a partnership in which disqualified persons are also partners.
  6. Regulations under §4966 regarding donor advised funds, including excise taxes on sponsoring organizations and fund management. PUBLISHED 11/14/23 in FR as REG-142338-07 (FILED on 11/13/23).
  7. Regulations under §4967 regarding prohibited benefits, including excise taxes on donors, donor advisors, related persons, and fund management.
  8. Regulations under §4958 regarding donor advised funds and supporting organizations.
  9. Guidance regarding the public-support computation with respect to distributions from donor advised funds.
  10. Regulations designating an appropriate high-level Treasury official under §7611. Proposed regulations were published on August 5, 2009.

darryll k. jones