On March 21, the IRS released its Exempt Organization Newsletter, Issue Number 2013-5. Topics include the following
- IRS Exempt Organizations to launch Self-Declarers Questionnaire
- IRS releases new required form for TEB VCAP submissions
- Notice 2013-14 provides guidance on extending tax credit to veterans’ employers
- IRS and Treasury issue proposed regulations on health insurance providers fee
- Register for EO workshops
- Retirement news for tax-exempt employers
- IRS has $917 million for people who have not filed a 2009 income tax return
1. IRS Exempt Organizations to launch Self-Declarers Questionnaire
The IRS Exempt Organizations office has sent letters to more than 1,300 self-declared section 501(c)(4), (5) or (6) organizations, asking them to complete an on-line questionnaire. The questionnaire will help the IRS learn more about these organizations, which are not required to apply to the IRS for recognition of exemption but have filed Form 990 for the 2010 and/or 2011 tax year. For more information, go to the Self-Declarers Questionnaire page.
2. IRS releases new required form for TEB VCAP submissions
The IRS released Form 14429, Tax Exempt Bonds Voluntary Closing Agreement Program Request, which is a new form required for a Tax Exempt Bonds Voluntary Closing Agreement Program submission request. The purpose of the new form is to assist issuers in organizing submission requests and to ensure that their submissions are complete and in accordance with the requirements under Notice 2008-31, 2008-11 I.R.B. 592 and IRM 7.2.3.
3. Notice 2013-14 provides guidance on extending tax credit to veterans’ employers
The extension enables tax-exempt organizations to receive a tax credit for hiring veterans until December 31, 2013. Read Notice 2013-14.
Also, review these recently updated pages regarding:
- Work Opportunity Tax Credit
- Work Opportunity Tax Credit Extended
- Work Opportunity Tax Credit – frequently asked questions and answers
4. IRS and Treasury issue proposed regulations on health insurance providers fee
The IRS and the Treasury Department have proposed regulations on the fee imposed on certain health insurance providers under the Affordable Care Act (ACA).
Comments and Public Hearing
The IRS and the Treasury Department invite comments on all aspects of the proposed regulations. All comments will be available for public inspection and copying.
A public hearing has been scheduled for June 21, 2013 at 10 a.m.
5. Register for EO workshops
It’s not too late to register for our upcoming workshops for small and medium-sized 501(c)(3) organizations on:
- April 30, St. Louis, MO
Hosted by University of Missouri-St. Louis
- May 2, Springfield, MO
Hosted by Missouri State University
6. Retirement news for tax-exempt employers
Organizations with a 403(b) plan might be interested in the following items:
- Didn’t adopt a 403(b) written plan by December 31, 2009? – pay a reduced fee if you correct by December 31, 2013, under the Voluntary Correction Program
- Use the VCP submission kit if you missed the 403(b) written plan deadline
- What your organization should do if it has a 403(b) plan but has lost its tax-exempt status
- Is your organization ineligible to sponsor a 403(b) plan? Here’s how to correct it
- The new 403(b) Fix-It Guide helps you find, fix, and avoid 403(b) plan errors
- Required minimum distribution FAQs – new Q&A # 5 explains the requirements for pre-1987 contributions to a 403(b) plan
7. IRS has $917 million for people who have not filed a 2009 income tax return
Refunds totaling just over $917 million may be waiting for an estimated 984,400 taxpayers who did not file a federal income tax return for 2009, the Internal Revenue Service recently announced. You must file a 2009 return with the IRS by April 15, 2013 to collect the money.