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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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January 2021

Jan 29 - IRS provides recordkeeping relief; increased deduction limits for corporate cash contributions for disaster relief

Jan 28 - IRS guidance (updated FAQs), tax credits for small and midsize employers providing paid leave (COVID-19)

Jan 25 - KPMG report: Review of compensation and benefits-related tax provisions in Consolidated Appropriations Act, 2020

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 2021-6: Information returns and payee statements waived regarding PPP, other relief programs (COVID-19)

Jan 19 - Notice 2021-11: Employee payroll tax deferral, further postponed (COVID-19)

Jan 15 - Final regulations released to Federal Register: Excise tax for excess remuneration and excess parachute payment

Jan 15 - Rev. Rul. 2021-3: Covered compensation tables for 2021 plan year

Jan 14 - KPMG report: Final section 4960 regulations on excise tax for excess remuneration and excess parachute payment for applicable tax-exempt organizations

Jan 11 - Final regulations: Excise tax on excess compensation, parachute payments made by tax-exempt organizations (text of regulations)

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 - Expanded employee retention credit, charitable-giving provisions among tax measures enacted at end of 2020

Jan 5 - IRS releases Form 990 draft instructions for 2020

Jan 5 - New TE/GE compliance initiatives

Jan 5 - Rev. Proc. 2021-8 and annual revenue procedures; revised process for Form 1024-A for section 501(c)(4) determinations  

Jan 4 - Notice 2021-7: Temporary relief to value personal use of employer-provided automobile (COVID-19)

2020 Articles

December 2020

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 22 - Legislative update: Year-end funding and COVID relief legislation; charitable giving provisions extended, expanded

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 9 - “Qualified disaster” declaration allowing employer-sponsored charities to provide relief (Puerto Rico)

Dec 9 - Final regulations: Qualified transportation and commuting expenses under section 274 (text of regulations)

Dec 2 - KPMG report: Separately computed UBTI, analysis of final regulations

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

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