July 26, 2012 - Yesterday, the U.S. House of Representatives Ways and Means Oversight Subcommittee (the “Subcommittee”) held its second hearing focusing on oversight of the tax-exempt sector. While the previous hearing held in May had offered industry representatives an opportunity to discuss a wide variety of topics related to all types of tax-exempt organizations, the purpose of this hearing was limited to issues regarding Section 501(c)(3) public charities, with a particular focus on the redesigned IRS Form 990, affiliated organization relationships, and the treatment of unrelated business income (“UBI”).
The hearing consisted of two panels. The first panel had only one witness – Steven Miller, Deputy Commissioner for Services and Enforcement, Internal Revenue Service. The second panel featured the following witnesses: Eve Borenstein (Borenstein and McVeigh Law Office LLC), Thomas Hyatt (Partner, SNR Denton), John Colombo (Albert E. Jenner, Jr. Professor, University of Illinois College of Law), and Donald Tobin (Associate Dean for Faculty and Professor of Business Law, Ohio State University Moritz College of Law).
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