IRS Commissioner Expects More Funding

IRS Commissioner Charles Rettig said earlier this week he expects Congress will soon approve additional funding that the agency needs to increase its staffing over the next several years and dramatically reorganize to improve the taxpayer experience. Speaking to tax attorneys at the New York Bar Association on Wednesday, Rettig said the IRS has endured… Read more »

IRS Questioned for Revoking Tax-Exempt Status of 30K+ Groups

A group of House Ways and Means Democrats questioned the IRS this week about why the agency suddenly revoked the tax-exempt status of more than 30,000 nonprofit groups, including 28,000 charities, in their home states. The IRS automatically revokes the exempt status of organizations that do not file a required Form 990 for three consecutive… Read more »

Associations Seek to Navigate UBIT and Virtual Trade Shows

Associations forced to transition in-person trade shows to virtual events as a result of the ongoing COVID-19 pandemic are carefully consulting existing guidance from the Internal Revenue Service (IRS) regarding virtual exhibit revenue and unrelated business income tax (UBIT). Longstanding congressional statute holds that revenue from traditional trade shows is exempt from UBIT if certain… Read more »

Trump Threatens Tax-Exempt Status of Schools, Colleges

President Trump said Friday he’s instructing the Internal Revenue Service (IRS) to review the tax-exempt status of U.S. schools, colleges and universities deemed to have political agendas. “Too many Universities and School Systems are about Radical Left Indoctrination, not Education,” Trump tweeted. “Therefore I am telling the Treasury Department to re-examine their Tax-Exempt Status…and/or Funding,… Read more »

IRS Won’t Extend Tax Filing Deadline of July 15

The Internal Revenue Service (IRS) will not further extend the tax filing and payment deadline past July 15, despite some calls to do so, the agency said this week. The IRS had previously extended the April 15 filing deadline to give taxpayers and small business owners more time during the COVID-19 pandemic. The agency said… Read more »

Category: IRS