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IRS to Audit Sampling of (c)(3)s Granted on Short Form

Tuesday, November 24, 2015


At a conference of nonprofit advisors, TE/GE Commissioner Sunita Lough said IRS would be conducting post-determination correspondence examinations of about 1,500 organizations granted exempt status using the short form 1023-EZ.

TAM 201547007 - No Abatement of First Tier Tax Despite "Advice" from Counsel

Monday, November 23, 2015

In TAM 201547007, the National Office advised that first tier excise taxes imposed on a private foundation for failing to exercise of expenditure responsibility should not be abated, even though the trustees had relied on counsel who was fully informed of the relevant facts.

December 7520 Rate Again Flat at 2.0%

Monday, November 23, 2015

Rates, Tables & Statistics

In Rev. Rul. 2015-25, the Service announced the Section 7520 rate for December will remain at 2.0% for a third consecutive month.

Deemed Rate for New PIFs Will Hold at 1.2% for 2016

Monday, November 23, 2015

Rates, Tables & Statistics

Though the Service will not make the formal announcement until mid-January, the release of the Section 7520 rate for December allows us to calculate the deemed rate of return for 2016 for new or recently established pooled income funds at 1.2% -- the same rate as for 2015.

IRS Updates Applicable Federal Rates for December 2015

Friday, November 20, 2015

The IRS has announced the Applicable Federal Rates for December 2015, including the Section 7520 rate of 2.0%.

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