Foley Partner Michael G. Bailey hosted, IRS Seeks to Expand Tax-Exempt Bond and Other Reporting Requirements for Exempt Organizations: Important Implications of the Proposed Revisions to Form 990, the fourth session in a five part series, Creating An Effective Post-Bond Issuance Tax Compliance Program.
On June 14, 2007, the Internal Revenue Service (IRS) released substantial proposed revisions to Form 990. Although the IRS is presenting the proposed form as a “discussion draft,” the proposed revisions suggest the direction of the IRS in many key areas. Foley attorneys Michael G. Bailey and Mark T. Schieble discussed the important implications of these changes, with a particular focus on the proposed new tax-exempt bond information reporting requirements and other revised reporting requirements. Because it is very likely that the proposed Form 990 will be substantially revised after public comment, our discussion did not concentrate on the specific wording of the form. Rather, we focused on the general themes and implications of the form and how the proposed revisions tie into other compliance initiatives of the IRS.
The Creating An Effective Post-Bond Issuance Tax Compliance Program web conference series featured post-issuance tax-exempt bond compliance in light of the Internal Revenue Service’s recent enforcement initiatives focused on nonprofit organizations.
Additional sessions include:
- Thursday, May 24, 2007
Session I: Establishing a Tax-Exempt Bond Compliance Policy
- Thursday, May 31, 2007
Session II: Selecting Assets to Finance With Tax-Exempt Bonds and Other Compliance Strategies
- Thursday, June 7, 2007
Session III: Conducting an Internal Audit of Tax-Exempt Bond Compliance
- Friday, September 7, 2007
Session V: The IRS Tax-Exempt Bond Financings Compliance Check Questionnaire: Implications and Responses
For more information, please contact Elie Harris at [email protected] or 407.244.3220.
