Tax Planning and Compliance for Tax-Exempt Organizations, 2008 Cumulative Supplement: Rules, Checklists, Procedures (Tax Planning and Compliance for Tax Exempt Organizations)

by Jody Blazek

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Editorial Reviews
Product Description
The 2008 Cumulative Supplement contains the following new updates:

A significantly revised Form 990 must be used for the 2008 filing year. That means calendar year organizations should now begin the process of gathering the enhanced data requested on the schedules and parts of the core form.
Impact of Pension Protection Act: The past year or so has been an amazingly difficult time for private foundations, donor-advised fund sponsors, supporting organizations, and their advisors. It feels like 1970 all over again as funders revise procedures and struggle with dissatisfied grantees they are told they cannot fund– particularly when the foundation has previously pledged to do so. Revised grant checklists in Chapter 17 should be used to assure the new issues are considered.
For PFs, the excise tax on "investment" income considered in Chapter 13 was expanded to include capital gains on exempt function assets– an oxymoron that causes confusion.
Congress split Type III supporting organizations (SO) into two types that are now identified as either non-functionally integrated with the public charities it supports and simply provides grants or holds assets for its supported charities(y) or functionally integrated because it performs the functions of those it supports. The complexities are found in Chapter 11.
Private foundation-like operational constraints were placed on donor-advised funds and Type III supporting organizations. Prohibitions against excess business holdings (Chapter 16) and transactions benefiting insiders (Chapter 20) were imposed.
Lastly, readers are reminded that a PF grant to non-functionally integrated Type III supporting organizations is no longer treated as qualifying distributions effective the date after the legislation was signed into law (August 17, 2006). This overnight change placed a burden on the SOs that can no longer receive funding and the PFs that were not informed of the rules in timely fashion. Exhibit 17.2A provides a grant checklist that is revised to include the new standards and Exhibit 17.2B provides a certification an SO can provide to a private foundation to prove it is a Type I, II, or III functionally integrated supporting organization a payment to which can be counted as a qualifying distribution. The Form 4720 illustrated in Chapter 18 contains a disclosure of failure to meet this requirement with a request for abatement of any penalties associated with the PF’s actions.

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