Tax News

CCH (cch.taxgroup.com) reports:

  The IRS has issued additional interim guidance regarding the Form 990-T, Exempt Organization Business Income Tax Return public disclosure requirement under Code Sec. 6104. The guidance reflects the amendments to Code Sec. 6104(b) and
(d) by the Tax Technical Corrections Act of 2007 (P.L. 110-172). As revised, the language of Code Sec. 6104(d)(1)(A)(ii) clearly provides that charities must make available for public inspection and copying only those returns filed under Code Sec. 6011 that relate to the organization's unrelated business income tax.

  Thus, schedules, attachments, and supporting documents filed with Form 990-T that do not relate to the imposition of unrelated business income tax are not required to be made available for public inspection and copying. Additionally, charities must make Forms 990-T available for public inspection and copying only for the three-year period beginning on the last day prescribed for filing such return. All remaining provisions of
Notice 2007-45 shall continue in full force and effect.

  The IRS invites comments on implementation of these public inspection requirements, including comments with respect to those schedules or attachments that should not be available for public inspection when attached to Form 990-T. Comments may be sent via regular mail, hand delivery, or email to the addresses provided in the notice.

  Section 3 of Notice 2007-45, I.R.B. 2007-22, 1320, is modified

Notice 2008-49, 2008FED ¶46,426

Other References:

 
Code Sec. 6104

  CCH Reference - 2008FED ¶36,911.10

  Tax Research Consultant

  CCH Reference - TRC EXEMPT:12,258.05