1. Revenue Procedures updated for 2015
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Six revenue procedures that affect exempt organizations have been updated for 2015. The procedures – Rev. Proc. 1-5 and 8 – are available at Recent EO Published Guidance under Revenue Procedures. All 2015 updated revenue procedures are available in the Internal Revenue Bulletin.
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2. Simplified process for issuers of qualified 501(c)(3) bonds
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Announcement 2015-2 provides a simplified VCAP process for issuers of qualified 501(c)(3) bonds, as defined in the announcement, to request a closing agreement in situations in which the borrower of the proceeds of the bonds received Prospective Reinstatement, as defined in the announcement, after its tax-exempt status was automatically revoked under section 6033(j)(1) of the Internal Revenue Code (the “Code”).
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3. Register for IRS webinar: Gaming and Tax-Exempt Organizations
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Thursday, January 22 at 2 p.m. ET
Learn about:
• Gaming’s impact on tax-exempt status
• Gaming and unrelated business income
• Maintaining records
• Reporting requirements
• Workers conducting gaming activities
• Reporting winnings and withholding income tax
• Gaming Excise taxes
• IRS resources
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If you have a technical or procedural question relating to Exempt Organizations, visit the Charities and Nonprofits homepage on the IRS.gov Web site.
Other important resources:
• Free articles for your publications
If you have a specific question about exempt organizations, call EO Customer Account Services at 1-877-829-5500