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
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.
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.