Section 4958 imposes excise taxes on transactions that provide excess economic benefits to disqualified persons of public charities and social welfare organizations. In this article, the IRS discusses when economic benefits received by a disqualified person, which are compensation for income tax purposes and wages for employment tax purposes, should be treated as "automatic" excess benefit transactions under IRC 4958.  MORE »

The IRS has issued its Exempt Organizations Continuing Professional Education text for 2004: Organizational Test for IRC 501(c)(3) Organizations. The organizational test requires the articles of organization of exempt organizations to contain explicit statements and dissolution provisions. Further, private foundations must satisfy additional tests. This article addresses specific issues that have arisen in determining whether the organizational test is satisfied.  MORE »

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The IRS has released its continuing professional education text for tax-exempt organizations for fiscal year 2002. Of particular interest to gift planners are topics that deal with unrelated business income tax issues, Form 990, and the proposed intermediate sanctions regulations introduced last January.  MORE »

NCPG's Government Relations Committee has announced further confirmation of the IRS's attitude toward "spigot" trusts, where a NIMCRUT turns on and off the flow of fiduciary income. The Internal Revenue Service just issued Exempt Organizations Continuing Professional Education Text for fiscal 1999 ("CPE"). Chapter P of the IRS's CPE covers recent developments in the area of private foundations, charitable remainder trusts, and chapter 42 issues.  MORE »