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Exempt Organizations

Exempt Organizations

TaxNewsFlash-Exempt Organizations — KPMG's reports of tax developments concerning U.S. exempt organizations

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July 2020

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 27 - Regulations: Refundable employment tax credits; assessment for erroneous refundable credits (COVID-19)

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 14 - Notice 2020-56: Postponed deadline, hospitals and community health needs requirements under section 501(r)(3) (COVID-19)

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)

June 2020

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 - Proposed regulations: Qualified transportation and commuting expenses under section 274 (text of regulations)

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 5 - President signs legislation providing payroll tax deferral for taxpayers with forgiven PPP loans (COVID-19)

Jun 5 - Proposed regulations: Excise tax on excess compensation, parachute payments made by tax-exempt organizations

Jun 4 - Notice 2020-39: Relief for qualified opportunity zones and investors (COVID-19)

May 2020

May 28 - Notice 2020-35: Postponed deadlines for employment taxes, employee benefit plans, IRAs, HSAs, MSAs, other time-sensitive actions (COVID-19)

May 28 - IRS provides FAQs on treatment of NOL carrybacks and AMT by C corporations (COVID-19)

May 28 - Legislative update: House passes bill, payroll tax deferral for taxpayers with forgiven PPP loans (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 7 - IRS releases FAQs on higher education emergency relief grants to students being excluded from income (COVID-19)

May 6 - New deadline of May 14 to repay Paycheck Protection Program (PPP) loans for SBA “good faith” certification

May 5 - Employer retention credit can be claimed if Paycheck Protection Program (PPP) loan repaid by May 7 (COVID-19)

May 4 - IRS relief regarding tax-exempt bonds (COVID-19)

May 4 - Proposed regulations, excise tax on tax-exempt organization compensation; OIRA review completed

May 1 - Notice 2020-36: Proposed revenue procedure, updated group exemption letter program for section 501(c) organizations

April 2020

Apr 30 - KPMG report: Initial impressions of additional FAQs on the employee retention credit (COVID-19)

Apr 30 - Notice 2020-32: Deductibility of expenses when loan is forgiven under Paycheck Protection Program (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 - KPMG report: JCT description of employee retention credit, payroll deferral provisions in CARES Act (COVID-19)

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 - Legislative update: Senate passes COVID-19 legislation, with additional Paycheck Protection Program funds

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

October 2018

Oct 29 - IRS adds another South Carolina county for Hurricane Florence relief

Oct 29 - IRS adds more North Carolina counties, Hurricane Florence-related tax relief

Oct 29 - Three more Georgia counties, Hurricane Michael-related tax relief

Oct 25 - IRS resource, new tax law measures for exempt organizations

Oct 24 - IRS releases draft instructions, Form 990-T for 2018

Oct 24 - Two more North Carolina counties added, Hurricane Florence-related tax relief

Oct 19 - IRS adds more areas in Virginia, Hurricane Florence-related relief

Oct 19 - Notice 2018-81: Church plans, notifying IRS about treatment as single employer

Oct 17 - U.S. Treasury’s list of regulatory projects, including guidance concerning exempt organizations under new tax law

Oct 17 - IRS adds four more South Carolina counties, Hurricane Florence relief

Oct 16 - IRS adds 14 North Carolina counties, Hurricane Florence-related tax relief

Oct 16 - IRS adds six more South Carolina counties, Hurricane Florence relief

Oct 16 - IRS relief, taxpayers in Virginia affected by Hurricane Florence

Oct 15 - IRS relief, Georgia counties affected by Hurricane Michael

Oct 15 - IRS relief, taxpayers in 16 Florida counties affected by Hurricane Michael

Oct 12 - IRS relief, taxpayers in Florida affected by Hurricane Michael

Oct 5 - IRS adds two more South Carolina counties, Hurricane Florence relief

Oct 4 - IRS TE/GE division’s FY 2019 program letter

Oct 3 - Notice 2018-76: Transitional guidance on deductibility of business meal expenses

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