IRS, Compliance | JD Supra Law News

Municipal Bond Post-Issuance Compliance

by Shana Mueller | Bernstein Shur on 5/24/2013

Does your municipality have outstanding tax-exempt bond obligations? If yes, the IRS is interested in...more

Tax Compliance Update: IRS Aggressively Pursues Foreign Banks; Offshore Voluntary Disclosure Program to Remain Open Indefinitely

by Fuerst Ittleman David & Joseph, PL on 5/15/2013

In our most recent discussion of the IRS’s Offshore Enforcement Initiatives, we discussed the John Doe Summons recently issued by the U.S. Department of Justice to Wells Fargo seeking information about First Caribbean...more

IRS Releases College And University Compliance Project Final Report – Implications For All Tax-Exempt Organizations

by Douglas K. Anning, Virginia C. Gross, Bruce Hopkins, Thomas J. Schenkelberg | Polsinelli on 5/15/2013

On April 25, 2013, the IRS released its College and University Compliance Project Final Report, which updates the interim report issued in 2010. ...more

Compensation and Unrelated Business Income are Focus of IRS Colleges and Universities Report

by Ropes & Gray LLP on 4/29/2013

Just a few weeks before many tax-exempt organizations file their annual Form 990, the IRS yesterday released its final report on the Colleges and Universities Compliance Project, which it had initiated in 2008 by sending...more

IRS Sends Questionnaire to More Than 1,300 Self-Declared Section 501(c)(4), (5) or (6) Organizations

by Jamie Bowles | Proskauer - Not for Profit/Exempt... on 4/4/2013

IRS Exempt Organizations group has sent out more than 1,300 questionnaires to self-declared Section 501(c)(4) social welfare organizations; 501(c)(5) labor, agricultural or horticultural organizations; or 501(c)(6) business...more

FATCA Compliance for Investment Fund Managers Part One

by Christopher Cawley, Nicola Lemay, Richard Schaul-Yoder | Foley Hoag LLP on 4/2/2013

U.S. Funds with Only U.S. Investors - FATCA, the new U.S. tax regime designed to combat offshore tax evasion by U.S. taxpayers, will go into effect on January 1, 2014. As a fund manager, you will be required to ensure...more

Expanded Guidance from IRS on 403(b) Plans

by Robert Abramowitz, Amy Kelly, R. Randall Tracht | Morgan Lewis on 4/2/2013

IRS amends EPCRS, significantly affecting 403(b) plans, and issues guidance to assist 403(b) plan sponsors in identifying and correcting defects....more

New Employer Shared Responsibility Penalty Guidance: Timely Employer Action Needed

by Jessica Carter, David Glaser, Meridith Bogart Krell, Bernard O'Hare, Bruce Wolff | Patterson Belknap Webb & Tyler LLP on 3/20/2013

In This Alert: - A. What Is The Employer Shared Responsibility Penalty? - What Is The “Failure To Offer Coverage Penalty”? - How Is The “Failure To Offer Coverage Penalty” Calculated? - What Is...more

Recent Developments and Trends for Exempt Organizations

by Ropes & Gray LLP on 3/18/2013

2012 was a busy year for the IRS with respect to tax-exempt organizations and 2013 promises more of the same. While the effects of the budget sequester on the IRS regulation writers and auditors is uncertain, we anticipate...more

Retirement Plan Sponsors Have More to Fear Than Fear Itself

by Ary Rosenbaum on 3/12/2013

In his inaugural address in 1933 amidst the Depression, Franklin Delano Roosevelt said that the only thing we had to fear was “fear itself”. 1933 predates ERISA by 40+ years, so FDR clearly didn’t understand the dilemmas of...more

Affordable Care Act: Preparing for 2014

by Steve Gerlach | Bernstein Shur on 2/26/2013

President Obama’s re-election confirmed that the Affordable Care Act will continue to be rolled out, and that its “pay-or-play” rules will become effective on January 1, 2014. These provisions require public and private...more

A Full Plate for the IRS: IRS Releases 2012 Exempt Organizations 2012 Annual Report and 2013 Workplan

by Bradley Dillon | Proskauer - Not for Profit/Exempt... on 2/15/2013

At the end of January, 2013, the IRS Exempt Organizations Group (“EO”) released its annual report, highlighting EO’s 2012 accomplishments and outlining its priorities for 2013. This year’s report was significantly more...more

IRS Releases Exempt Organizations 2012 Annual Report and 2013 Workplan

by George Constantine, Matthew Journy, Margaret C. Rohlfing, Jeffrey S. Tenenbaum | Venable LLP on 2/8/2013

The Internal Revenue Service (IRS) recently issued its Exempt Organizations 2012 Annual Report and 2013 Workplan (Workplan). The Workplan provides information and guidance for tax-exempt organizations regarding compliance...more

IRS Examinations of Nonprofit Housing Counseling Agencies

by Venable LLP on 2/6/2013

This is a pivotal time for nonprofit providers of housing counseling and related services. The Internal Revenue Service ("IRS") has begun to focus on the activities of nonprofit, tax-exempt housing counseling agencies and...more

EBSA Updates Delinquent Filer Voluntary Compliance Program

by Eric Penkert, Jason A. Rothman | Ogletree, Deakins, Nash, Smoak & Stewart,... on 2/1/2013

On January 28, 2013, the Employee Benefits Security Administration (EBSA), an agency of the U.S. Department of Labor (DOL), announced updates to its Delinquent Filer Voluntary Compliance (DFVC) Program. ...more

Nonprofit Notes - Issue 3 | January 2013

by Skadden, Arps, Slate, Meagher & Flom LLP on 1/29/2013

In This Issue: - Raising Funds Without Raising Problems - IRS Issues Clarification Regarding Contributions to Single-Member LLCs - Appellate Decisions Impact NY Nonprofit Chapter Organizations - The...more

IRS Issues Final FATCA Regulations

by Pepper Hamilton LLP on 1/21/2013

On January 17, 2013 the Internal Revenue Service issued long-awaited final regulations that implement the Foreign Account Tax Compliance Act (FATCA), the new reporting and withholding tax regime that applies to foreign...more

Year-End Developments And Compliance Checklists

by Cole Beaubouef, Richard Bernstein, George Danenhauer, Marie DeFalco, David Goret, Peter Greene, Elaine Hughes, Allen Levithan, Matthew Magidson, Robert Minion, Scott H. Moss | Lowenstein Sandler LLP on 1/17/2013

Lowenstein Sandler’s Investment Management Group is pleased to provide you with (i) a summary of recent legislative and regulatory developments that impact the investment management community; and (ii) checklists of year-end...more

New and Improved Retirement Plan Correction Program Includes Crucial 403(b) Relief

by David Rosner, C. John Wentzell, Jr. | Ogletree, Deakins, Nash, Smoak & Stewart,... on 1/16/2013

On December 31, 2012, as Times Square in New York was getting ready to drop the crystal ball, the Internal Revenue Service (IRS) dropped long-awaited guidance regarding retirement plan corrections in the form of Revenue...more

You Don’t Have to Pay for a Post Issuance Compliance Policy…But Have You Adopted One Yet?

by Laura McAloon, Scott McJannet, David Thompson, Cynthia Weed | K&L Gates LLP on 1/14/2013

A number of municipal entities have been receiving a solicitation to purchase a post-issuance debt policy and procedure manual. The advertisement suggests that having such a policy is required by the Internal Revenue Service...more

How to Effectively Manage Conflicts of Interest for Nonprofit Organizations

by James L. Catanzaro, Jr. | Chambliss, Bahner & Stophel, P.C. on 1/9/2013

Effectively managing conflicts has become even more important for nonprofit organizations. Under state law it has historically been necessary for directors and officers to address conflict issues to fulfill their fiduciary...more

FATCA – 2013 and Beyond

by Stuart M. Schabes | Ober|Kaler on 12/20/2012

Tax lawyer Stuart Schabes co-presented “FATCA – 2013 and Beyond” at The Perfect Storm: US Tax Legislation and IRS Compliance 2013, a program hosted by Philip Stein & Associates and ERM. The discussion included: -...more

Understanding FATCA

by Joan C. Arnold | Pepper Hamilton LLP on 12/3/2012

In late October PE Manager brought together four industry professionals (Joan Arnold, Pepper Hamilton; Kristy Trieste, Corsair Capital; Lori Evans, Birch Hill Equity Partners; and Jay Bakst, EisnerAmper) who must all in their...more

Legal Alert: Untangling Healthcare Reform Form W-2 Reporting Requirements for PEOs

by Gordon M. Berger, Scott V. Wagner | FordHarrison on 12/3/2012

With the re-election of President Obama and the Supreme Court's recent decision upholding portions of the Affordable Care Act (the "ACA"), health care reform is here to stay for the foreseeable future. Though limited...more

IRS Announces Revised FATCA Implementation Timelines

by Richard J. Horne, Christina M. Iafe, Brian Silikovitz | Lowenstein Sandler LLP on 11/29/2012

The Foreign Account Tax Compliance Act (“FATCA”) was enacted in 2010 as part of an effort to combat tax evasion by U.S. taxpayers holding investments in offshore accounts and through offshore intermediaries. FATCA creates a...more

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Internal Revenue Service › Compliance