By Pension and Benefits Editorial Staff
The IRS has released proposed regulations that update the information reporting regulations under Code Sec. 6033, generally applicable to organizations exempt from tax under Code Sec. 501(a), to reflect statutory amendments and certain grants of reporting relief announced through guidance that was issued after the current regulations were adopted, particularly with respect to tax-exempt organizations required to file an annual Form 990 or 990-EZ information returns. Among the updates, the proposed amendments would incorporate into the regulations the existing exception from having to file an annual return for certain organizations that normally have gross receipts of $50,000 or less.
The regulations are proposed to be effective when they are adopted as final regulations in the Federal Register. Although the proposed regulations are not effective until final regulations are published in the Federal Register, under Code Sec. 7805(b)(7), a tax-exempt organization may choose to apply the final regulations to returns filed after September 6, 2019.
SOURCE: 84 FR 47447.
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