Pension & Benefits News IRS releases final regs updating information reporting regulations for tax-exempt organizations
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Friday, June 19, 2020

IRS releases final regs updating information reporting regulations for tax-exempt organizations

By Pension and Benefits Editorial Staff

The IRS has released final regulations updating information reporting regulations under Code Sec. 6033, that are generally applicable to organizations exempt from tax under Code Sec. 501(a), to reflect statutory amendments and certain grants of reporting relief for tax-exempt organizations required to file an annual Form 990 (Return of Organization Exempt From Income Tax) or Form 990-EZ (Short Form Return of Organization Exempt From Income Tax) information returns. The final regulations are updated to reflect changes that have been made since the previous regulations were adopted. The regulations in effect prior to these final regulations, which remain largely unchanged, reflected many of the statutory requirements of Code Sec. 6033.

The final regulations are effective on May 28, 2020. The regulations are generally applicable for returns filed on or after January 30, 2020. The changes in IRS Reg. §1.6033-2(a)(2)(ii)(F), (a)(2)(iii)(D)(1), (g)(1)(iii) and (g)(1)(viii), and (g)(3) apply to annual information returns filed after May 28, 2020. However, an organization may choose to apply these changes to returns filed after September 6, 2019.

Source: 85 FR 31959.

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