IRS Issues New Revenue Procedures Aimed at Protecting Donor Privacy

When it comes to privacy and accountability, people always demand the former for themselves and the latter for everyone else.” – David Brin

Overview of Revenue Procedure 2018-38

Recently, the Treasury issued Revenue Procedure 2018-38, correcting what some considered an overreaching and controversial regulation requiring organizations exempt under code sections other than 501(c)(3) or 527 to report the names and addresses of their contributors on Form 990, Schedule B. The new reporting rules apply to returns filed for taxable years on or after December 31, 2018 and only provide partial relief. Under the new rules, the affected organizations must still collect and retain contributor information and make it available to the IRS upon request for examination.

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IRS Announces Transfer Pricing Campaign

By Steve Day, CPA and
Co-authored by Patrick McColgan and Richard Newby, Duff & Phelps

On January 31, 2017, the IRS announced that its Large Business and International (LB&I) division will focus on issue-based examinations. Under this approach, the LB&I division will use and develop specialized IRS knowledge and resources to successfully run compliance campaigns targeted towards several key risk areas. Of the 13 campaigns selected for this initial rollout, the following are most pertinent to the mid-market community:

Related Party Transactions Campaign

While the IRS’ focus on related party transactions within large multinational corporations is not new,

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President Trump Regulatory Freeze Creates Uncertainty

By Rick Cooley, CPA

On January 20, 2017, President Donald Trump issued a presidential memorandum declaring a moratorium on all new federal rule making.

This practice is not unusual for an incoming president, especially one from a different political party than the departing president. In fact, former President Barack Obama issued a similar order shortly after his inauguration in 2009.

However, Trump’s memorandum should have a much broader impact – potentially applying to sub-regulatory guidance, including IRS Notices and Revenue Procedures.

So what impact will this memorandum really have? That depends on where the federal rules are in the rule making process.

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Trump and Tax Reform: Brace Yourself for Big Changes in Tax Year 2018

By Rick Cooley, CPA

Whether you love or hate the United States’ 45th President, Donald J. Trump, all taxpayers should prepare for big changes in tax year 2018.

Though President Trump talked a great deal about tax reform while on the campaign trail, we are all anxiously awaiting the tax reform legislation that will emerge from his campaign’s tax talking points and slogans.

So what could tax reform look like, courtesy of Mr. Trump and the 115th Congress? Based on Mr. Trump’s tax reform campaign pledges, we can expect at least some of the following proposals to wind up in tax reform legislation:

For individuals:

  • Tax rate reductions.

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September 6th Deadline for C4 Organizations to File Notice with IRS Barely One Month Away

By Karen L. Dunn, JD, LLM

September 6th is the due date for filing the notification of intent to operate as a 501(c)(4) organization, if the organization existed on July 8, 2016 and is otherwise not excepted from this requirement. Newly created organizations must file the notification and pay a small user fee, no later than 60 days after the organization is established. Failure to file this notice may result in penalties assessed.

A new law requiring organizations exempt under 501(c)(4) to notify the IRS that they are operating as such was enacted in December of 2015. However, it took time for the IRS to develop a process for this notification.

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