Correction, under the act, means undoing the excess benefit to the extent possible and taking any additional measures necessary to place the
exempt organization in a financial position not worse than it would have been if the disqualified person were dealing under the highest fiduciary standards.
If a particular country is not specifically listed in one of the regions in the instructions, the filing
exempt organization may list the region it believes that country would fall into if it were listed.
Form 990-T:
Exempt Organization Business Income Tax Return
Roberta Zarin, an IRS official who heads up the
exempt organizations education and outreach activities, also spoke at the October 12 event.
This exception is valued and welcomed by
exempt organizations and practitioners.
The announcement represents the first step toward more formal guidance on Internet tax issues--an area of great importance as associations and other
exempt organizations move more of their activities to the Web.
Exempt organizations can be subject to income tax if they have UBTI.
However, the
exempt organization has the burden of establishing the fair market value of these token benefits.
In 2004, the IRS
Exempt Organization Division developed two important new units: the
Exempt Organization Compliance Unit (EOCU) and the Data Analysis Unit (DAU).
Although many public charities, as
exempt organizations, technically have been subject to public disclosure requirements for a long time, Congress recently changed the law to make this information much more accessible to the public.
That report called for a number of new disclosure requirements from
exempt organizations, including suggesting that they should disclose their Form 990-Ts for unrelated business income tax, information about
exempt organization audits and closing agreements, and more information about lobbying activity by 501 (c) (3) organizations.
* AN
EXEMPT ORGANIZATION CAN AVOID THE BURDEN of having to copy documents if it makes them widely available to the public--through the Internet, for example.