TaxNewsFlash-Exempt Organizations — KPMG's reports of tax developments concerning U.S. exempt organizations
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Feb 25 - “Qualified disaster” declaration allowing employer-sponsored charities to provide relief (Oklahoma)
Feb 22 - “Qualified disaster” declaration allowing employer-sponsored charities to provide relief (Texas)
Feb 19 - Grants for “Shuttered Venue Operators” not available if venue operators filed PPP applications
Feb 8 - IRS TE/GE division releases summary of “FY 2020 accomplishments”
Feb 1 - Updated FAQs on PPP loans; guidance about “second draw” PPP loans
Feb 1 - KPMG report: Employer-provided student loan repayments, tax-free benefits
Jan 20 - KPMG report: COVID relief extended for qualified opportunity funds and investors
Jan 20 - Notice 2021-10: Additional relief for qualified opportunity zones and investors (COVID-19)
Jan 19 - KPMG report: Full deduction for business meals provided by a restaurant
Jan 19 - Notice 2021-11: Employee payroll tax deferral, further postponed (COVID-19)
Jan 15 - Rev. Rul. 2021-3: Covered compensation tables for 2021 plan year
Jan 11 - Proposed regulations: Mandatory 60-day postponement of tax deadlines, federally declared disasters
Jan 6 - Rev. Rul. 2021-2: Deduction of eligible expenses allowable, PPP loan forgiveness
Jan 5 - Final regulations pending OIRA review: Excise tax on tax-exempt organization compensation
Jan 5 - IRS releases Form 990 draft instructions for 2020
Jan 5 - New TE/GE compliance initiatives
Jan 4 - Notice 2021-7: Temporary relief to value personal use of employer-provided automobile (COVID-19)
Dec 28 - President signs year-end funding, COVID-19 relief legislation; tax provisions are enacted
Dec 22 - Notice 2021-2: Standard mileage rates for 2021
Dec 17 - IRS memorandum for TE/GE employees, examination timelines again modified (COVID-19)
Dec 16 - Notice 2021-01: Delayed e-filing requirements, Form 4720 filed by private foundations
Dec 16 - IRS confirms emergency relief grants to students are not reported on Form 1098-T (COVID-19)
Dec 15 - Final regulations released to Federal Register: Parking deduction limitations under section 274
Dec 14 - “Qualified disaster” declaration allowing employer-sponsored charities to provide relief (Alabama)
Dec 11 - Final regulations: Grandfathered group health plans, health insurance coverage
Dec 10 - KPMG report: Final regulations addressing parking deduction limitations under section 274
Dec 10 - Updated FAQs on PPP loans; questionnaires to verify loan eligibility and forgiveness
Dec 9 - Form 990 series and instructions for 2020
Dec 9 - Notice 2020-86: Q&A guidance on safe harbor retirement plans
Dec 2 - KPMG report: Separately computed UBTI, analysis of final regulations
Nov 30 - Final regulations released to Federal Register: Separately computed UBTI
Nov 20 - IRS to revise Form 1024-A to allow for electronic submission
Nov 20 - Notice 2020-83: Required amendments list (2020) for qualified retirement plans and 403(b) plans
Nov 19 - IRS offers clarifications in FAQs addressing interaction of ERC and PPP loans in acquisitions
Nov 19 - Rev. Proc. 2020-51: Safe harbor for claiming deductions by taxpayers that received PPP loans
Nov 19 - Final regulations: Separately computed UBTI (text of regulations)
Nov 18 - IRS Priority Guidance Plan 2020-2021—exempt organization projects
Nov 13 - KPMG report: Election results so far; preliminary observations regarding effect on future tax agenda
Nov 5 - IRS TE/GE compliance priorities, 2021 program letter
Nov 5 - Rev. Rul. 2020-23, Notice 2020-80: Distributions from terminating section 403(b) plans
Nov 4 - Rev. Proc. 2020-49: Extended relief regarding tax-exempt bonds (COVID-19)
Nov 3 - Final rule on public disclosure of health plan and health insurance coverage information
Nov 2 - Interim final rule: Accessibility to COVID-19 vaccine for individuals in the United States
Oct 26 - IRS EO release addresses auto-revocation issues, royalty income, e-filing expectations
Oct 26 - Rev. Proc. 2020-45: Inflation adjustments for 2021, individual taxpayers
Oct 26 - Notice 2020-79: Pension plans, cost-of-living adjustments for 2021
Oct 14 - Final regulations released to Federal Register: Excise tax on college net investment income
Oct 8 - Updated FAQs on PPP loans; extension of deferral period (COVID-19)
Oct 5 - “Qualified disaster” declaration allowing employer-sponsored charities to provide relief (Florida)
Oct 2 - KPMG report: Changes to Indian FCRA prohibit sub-grants, further limit administrative expenses
Sep 30 - Final regulations: Deductibility of meal and entertainment expenses (text of regulations)
Sep 24 - TE/GE memo updates examination process
Sep 24 - “Qualified disaster” declaration allowing employer-sponsored charities to provide relief (Alabama)
Sep 23 - KPMG report: Initial impressions of final regulations, excise tax on college net investment income
Sep 22 - Treasury announces New Markets Tax Credit (NMTC) allocations for 2020, increased to $5 billion
Sep 18 - Final regulations: Excise tax on college net investment income (text of regulations)
Sep 16 - IRS draft of Form 990-T for 2020 would revise reporting of UBTI
Sep 16 - IRS release on expedited request for letter rulings (COVID-19)
Sep 11 - Notice 2020-71: Per diem rates, substantiation of employee lodging, meals, incidentals (2020-2021)
Sep 11 - Tax relief for Puerto Rico taxpayers affected by Tropical Storm Isaias
Sep 9 - Notice 2020-66: Medicaid coverage of COVID-19 testing and diagnostic services
Sep 9 - Final regulations, excise tax on college net investment income; OIRA review completed
Aug 31 - KPMG report: Initial analysis of Notice 2020-65, guidance on employee payroll tax deferral
Aug 28 - Notice 2020-65: Implementing executive action, employment tax deferral (COVID-19)
Aug 26 - Senate Finance Committee report on syndicated conservation-easement transactions
Aug 25 - Final regulations pending OIRA review: Excise tax on college net investment income
Aug 24 - IRS reminder, required minimum distribution rollovers, repayments due by August 31 (COVID-19)
Aug 21 - IRS statement on failure-to-deposit penalties, employers claiming new tax credits (COVID-19)
Aug 17 - KPMG report: Reference guide for tax-exempt organizations, preparing 2019 Form 990
Aug 14 - IRS memorandum for TE/GE employees; church claims for refund or abatement
Aug 12 - FAQs on PPP loans; payments of fees and health benefits (COVID-19)
Aug 12 - Announcement 2020-14: Increased user fees for employee plan rulings and determinations
Aug 7 - Final regulations: Payments made to charities in return for consideration (text of regulations)
Aug 4 - FAQs address PPP loan forgiveness issues (COVID-19)
Aug 3 - IRS issues FAQs on leave-sharing plans (COVID-19)
Aug 3 - IRS updated FAQs on retirement plan distribution rules, partial terminations (COVID-19)
Jul 31 - IRS updates FAQs on deferral of employment tax deposits, payments (COVID-19)
Jul 29 - Legislative update: Compensation and benefits issues in Senate Republican COVID-19 bills
Jul 27 - Legislative update: U.S. Senate Republicans release COVID-19 response bills, with tax provisions
Jul 24 - Regulations: Rules for refundable employment tax credits (COVID-19)
Jul 15 - IRS notification regarding delay in processing advance payment of employer credits
Jul 13 - IRS Chief Counsel Advice: Treatment of NOLs of unrelated trades or businesses
Jul 10 - Proposed regulations: Grandfathered group health plans, group health insurance coverage
Jul 10 - Congress passes unemployment relief for tax-exempt entities (COVID-19)
Jul 9 - Notice 2020-54: Reporting qualified sick leave, qualified family leave wages (COVID-19)
Jul 8 - Rev. Proc. 2020-37: Automobile depreciation deduction limits for 2020
Jul 7 - IRS memorandum for TE/GE employees, modified examination timelines (COVID-19)
Jul 6 - FAQs on coronavirus relief fund payments to states, local governments (COVID-19)
Jul 6 - IRS provides FAQs on treatment of certain payments to health care providers (COVID-19)
Jul 6 - Extension of PPP loan application deadline enacted (COVID-19)
Jul 2 - Congress passes PPP extension bill; House passes infrastructure bill (COVID-19)
Jun 26 - IRS updated FAQs on deferral of employment tax deposits, payments (COVID-19)
Jun 25 - IRS offers settlement for docketed Tax Court cases involving conservation easement transactions
Jun 23 - IRS updated FAQs on employee retention credit (COVID-19)
Jun 23 - Notice 2020-51: Waiver of 2020 required minimum distributions, retirement plans (COVID-19)
Jun 23 - KPMG report: Proposed regulations and guidance on qualified transportation fringe benefits
Jun 22 - Updated FAQ on employee retention credit for exempt organizations (COVID-19)
Jun 22 - KPMG report: Qualified opportunity zone rules, as of June 2020
Jun 19 - Notice 2020-50: Retirement plan distributions and loans, CARES Act relief (COVID-19)
Jun 17 - PPP loan-forgiveness application forms (COVID-19)
Jun 17 - Federal Reserve considers expanding “Main Street lending program” for nonprofits (COVID-19)
Jun 17 - GAO reports on IRS use of Form 990 data in return examination selection
Jun 11 - Notice 2020-46: Employer leave-based donation programs (COVID-19)
Jun 10 - Notice 2020-47: Recommendations for guidance items for 2020-2021 Priority Guidance Plan
Jun 8 - Proposed regulations: Treatment of certain medical care arrangements under section 213
Jun 8 - IRS provides FAQs on NOL carrybacks by certain exempt organizations
Jun 4 - Notice 2020-39: Relief for qualified opportunity zones and investors (COVID-19)
May 28 - IRS provides FAQs on treatment of NOL carrybacks and AMT by C corporations (COVID-19)
May 27 - Updated FAQs on employee retention credit and PPP repayments
May 26 - Final regulations: Donor disclosure rules, information reporting
May 20 - Rev. Proc. 2020-32: HSA inflation-adjusted amounts for 2021
May 18 - IRS fact sheet, tax credits for COVID-19-related paid leave
May 18 - Treasury provides PPP loan forgiveness form, instructions
May 15 - Legislative update: House passes COVID-19-related legislation (HEROES Act)
May 13 - FAQs for PPP borrowers, safe harbor from SBA audit for “good faith” certification
May 13 - Eleventh Circuit: Easement on golf course may be eligible for charitable deduction
May 12 - Legislative update: COVID-19-related legislation unveiled in House, includes tax proposals
May 12 - Notice 2020-29, Notice 2020-33: Expanded relief for health-related cafeteria plans (COVID-19)
May 12 - U.S. Tax Court: Regulations on charitable donation of conservation easement upheld as valid
May 8 - IRS updates FAQs on employee retention credit, treatment of health plan expenses and PPP repayments
May 4 - IRS relief regarding tax-exempt bonds (COVID-19)
May 4 - Proposed regulations, excise tax on tax-exempt organization compensation; OIRA review completed
Apr 30 - KPMG report: Initial impressions of additional FAQs on the employee retention credit (COVID-19)
Apr 30 - IRS new FAQs on faxing refund claims, NOL carrybacks not available for Form 990-T filers (COVID-19)
Apr 30 - IRS reminder: No paper versions of Form 1023 applications accepted after April 30
Apr 29 - IRS updates, expands FAQs on employee retention credit (COVID-19)
Apr 29 - Extension of healthcare, health plan coverage, employee benefit plan timeframes (COVID-19)
Apr 24 - KPMG report: Initial impressions of proposed regulations on separately computed UBTI
Apr 24 - Treasury issues guidance on Paycheck Protection Program (PPP); Trump signs PPP funding legislation
Apr 23 - IRS expands FAQs on postponed tax return filing, paying deadlines (COVID-19)
Apr 23 - IRS provides FAQs on NOL carrybacks for taxpayers with section 965 inclusions (COVID-19)
Apr 23 - Treasury releases updated FAQs on Paycheck Protection Program (COVID-19)
Apr 23 - Proposed regulations: Separately computed UBTI (text of regulations)
Apr 22 - JCT description of tax provisions in CARES Act
Apr 21 - Revenue procedures, FAQs: Relief for nonresidents remaining in United States (COVID-19)
Apr 17 - IRS releases FAQs on provisions under COVID-19-related laws
Apr 17 - Proposed regulations, separately computed UBTI; OIRA review completed
Apr 15 - Proposed regulations pending OIRA review: Separately computed UBTI
Apr 14 - KPMG report: Tax considerations of disruptions in healthcare industry in COVID-19 environment
Apr 13 - IRS issues FAQs on deferral of employment tax deposits and payments (COVID-19)
Apr 10 - IRS Form 941 re-issued for employee retention credit, implications for tax-exempt employers
Apr 10 - Notice 2020-23: Relief for tax-exempt taxpayers affected by coronavirus pandemic (COVID-19)
Apr 9 - KPMG report: Healthcare provisions of CARES Act
Apr 8 - Updates for exempt organizations (COVID-19)
Apr 2 - KPMG report: Lending programs under CARES Act, including interactions with tax provisions
Mar 31 - Guidance on employee retention credit in CARES Act (COVID-19)
Mar 27 - Tax relief for tax-exempt organizations in “phase 3” coronavirus legislation (COVID-19)
Mar 26 - Regulations pending OIRA review: Excise tax on tax-exempt organization compensation
Mar 25 - IRS issues postponed tax return FAQs; rules for Form 990-T clarified
Mar 24 - IRS TE/GE division releases summary of “FY 2019 accomplishments”
Mar 20 - Tax relief for paid leave in “phase 2” coronavirus legislation (COVID-19)
Mar 17 - KPMG report: Employers providing employee hardship assistance related to coronavirus (COVID-19)
Mar 3 - Regulations on UBTI, separately computed for each trade or business activity; OIRA review completed
Feb 24 - Proposed regulations: Deductibility of meal and entertainment expenses
Feb 21 - Proposed regulations: Deductibility of business meal expenses (text of regulations)
Feb 4 - Final regulations: Employer-provided vehicles, fleet average and cents-per-mile valuation rules
Feb 4 - Regulations pending OIRA review: UBTI separately computed for each trade or business activity
Jan 31 - Rev. Proc. 2020-8: Applications for tax-exempt status must be filed electronically
Jan 28 - IRS outlines new tax law effect on tax-exempt organizations
Jan 22 - IRS posts “training materials” on the 2017 U.S. tax law for tax-exempt entities
Jan 10 - KPMG report: Highlights of 2019 appropriations legislation affecting tax-exempt organizations
Jan 3 - Oregon: Tax-exempt entities with unrelated business income subject to corporate activity tax
Jan 3 - Rev. Rul. 2020-2: Covered compensation tables for 2020 plan year
Jan 2 - Annual revenue procedures for 2020 for exempt organizations
Dec 31 - Notice 2020-05: Standard mileage rates for 2020
Dec 19 - Legislative update: Congress passes repeal of “parking tax” provision
Dec 19 - Proposed regulations to reinforce donor disclosure rule changes; hearing scheduled
Dec 18 - Legislative update: Government funding bills include parking tax repeal provision
Dec 13 - Proposed regulations: Payments made to charities in return for consideration
Dec 13 - IRS reminder, electronic filing required of tax-exempt organizations
Dec 9 - Final regulations: Calculating UBTI of VEBAs, other exempt organizations
Dec 5 - Proposed regulations, payments made to charitable entities; OIRA review completed
Dec 2 - Reminder, IRS private delivery/express mail address for exempt organization submissions
Oct 30 - Regulations pending OIRA review: Payments to charitable entities for consideration
Oct 17 - IRS TE/GE division’s FY 2020 program letter
Oct 10 - IRS priority guidance plan 2019-2020 — exempt organization projects
Oct 7 - IRS provides tax relief for taxpayers affected by Tropical Storm Imelda
Jul 31 - Federal district court strikes down donor disclosure change
Jul 25 - KPMG report: Proposed regulations concerning university excise tax
Jul 22 - KPMG report: 2018 Form 990-series annotation
Jul 19 - Final regulations: Notification to IRS, organizations operating under section 501(c)(4)
Jul 17 - Notice 2019-45: Expanded list of preventive care for certain chronic conditions (HSA eligibility)
Jul 2 - Final regulations: Truncated TINs for wage, tax statements furnished to employees
Jul 2 - IRS administration bill enacted; includes exempt organization provisions
Jun 25 - Regulations concerning excise tax on college net investment income (OIRA review completed)
Jun 21 - Ways and Means approves three tax bills; one includes fringe benefit UBTI measures
Jun 18 - Ways and Means schedules mark-up of tax bills
Jun 16 - House Ways and Means hearing, fringe benefit UBTI
Jun 11 - Final regulations: State and local tax credits and charitable contributions (text of regulations)
Jun 5 - IRS reminder: Form 990-T corporate filers may apply blended rate to UBTI for FY 2017
Jun 3 - Regulations concerning SALT credits, charitable contributions; sections 164 and 170(c) guidance (OIRA review completed)
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