Updated Technical Guide, excise taxes on self-dealing under section 4941
A new Technical Guide concerning excise taxes on self-dealing under section 4941
A new Technical Guide concerning excise taxes on self-dealing under section 4941
The IRS’ Exempt Organizations and Government Entities division recently published a new Technical Guide concerning excise taxes on self-dealing under section 4941.
Read TG 58 Excise Taxes on Self-Dealing under IRC 4941 [PDF 899 KB]
According to a related IRS transmittal release, the Technical Guide was revised to incorporate Chief Counsel Advisory (CCA) 202243008. CCA 202243008 [PDF 95 KB] concludes that interest accrued on a self-dealing loan during years with a closed statute is included in the loan balance for computing the amount involved for section 4941 self-dealing excise taxes in years with an open statute.
Background
Technical Guides are comprehensive, issue-specific documents that combine and update the Audit Technique Guides available on the IRS website with other technical content. Once completed, the Technical Guides replace corresponding Audit Technique Guides. The IRS has been releasing updated Technical Guides over the last year, most of which have addressed the rules specific to private foundations. Read the Audit Technique Guides (ATGs) and Technical Guides (TGs) for Exempt Organizations
For more information, contact a tax professional with KPMG’s Washington National Tax practice:
Ruth Madrigal | ruthmadrigal@kpmg.com
Preston Quesenberry | pquesenberry@kpmg.com
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