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The 2007 Nonprofit Counsel Summaries

January 2007

  • IRS Issues FY 2007 Exempt Organizations Implementing Guidelines

  • IRS Offers Public Charity Status Shuffle as Strategem to Evade New Tax Law Restrictions [Ann. 2006-93]

  • NCAA Responds to Ways and Means Letter

  • IRS Issues Inflation Adjustments for 2007 [Rev. Proc. 2006-53]

  • IRS Announces Telephone Tax Refund Formula [IR-2006-179]

  • IRS Issues Whaling Expenses Substantiation Rules [Rev. Proc. 2006-50]

February 2007

  • Congress Passes Tax Extenders Legislation [H.R. 6111]

  • IRS Issues Guidance as to Supporting Organizations and Donor-Advised Funds Rules [Notice 2006-109]

  • IRS Issues Guidance for Substantiation of Payroll Deduction Charitable Gifts [Notice 2006-110]

  • Departing Ways and Means Chairman Introduces Charity Care Legislation [H.R. 6420]

  • Statistics Time

  • Confession Time [PLR 200646019]

March 2007

  • Appeals Court Affirms Conservation Easement Case {Glass v. Commissioner]

  • IRS Lists Areas Where Rulings Will Not Be Issued [Rev. Proc. 2007-3]

  • University Investment-Sharing With CRTs Held Not Unrelated Business [PLR 200703037]

  • Securities Held To Be Qualified Appreciated Stock, Due to Internet Access [PLR 200702031]

  • A PPA-Caused Problem [IRC sec. 4958(c)(3)(C)]

April 2007

  • IRS Issues Draft of "Good Governance" Principles for Charitable Organizations

  • President's FY 2008 Proposed Budget Includes Tax Law Proposals

  • IRS Seeks Comments in Connection with Treasury Study [Notice 2007-21]

  • ABA Tax Section Submits Comments on Tax Shelter Excise Tax Rules

  • IRS Issues Guidance on Certain Tax Shelter Excise Tax Rules [Notice 2007-18]

  • CRS Issues Reports

May 2007

  • IRS Suspends Issuance of Functionally Integrated Type III Supporting Organizations Determination Letters

  • Treasury, IRS Update 2006-2007 Priority Guidance Plan

  • IRS Publishes Executive Compensation Compliance Initiative Findings

  • IRS Seeking Comments on New Insurance Reporting Forms, Study [Notice 2007-24]

  • Red Cross Governance Reform Bill: Its Larger Implications [S. 655]

  • CRS Issues More Reports

June 2007

  • IRS Developing e-Postcard [Form 990-N]

  • Sen. Grassley Initiates Three Government Studies

  • IRS Enters Credit Union-Bank Fray With UBIT Rulings [TAMs 200709072, 200709073, 200710017, 200710019]

  • IRS Issues Political Organizations Safe Harbor Guidance as to Reporting [Rev. Proc. 2007-27]

July 2007

  • IRS Provides Interim Guidance on Form 990-T Disclosure Rules [Notice 2007-45]

  • Hospital-Provided Assistance to Physicians for EHR Not Private Benefit

  • IRS Launching New Compliance Initiative, This One on Bond Financing Records

  • IRS Rules Stock Constructively Held, Resulting in Unrelated Business Income [PLR 200716034]

  • Leasing Held Related, Meaning No Unrelated Business Income Even From Debt-Financed Property [PLR 200717019]

  • Public Charity Ruled Able to Establish Related Association [PLR 200716026]

  • Court Applies Feeder Organization Rules to Find Supporting Organization Not Exempt [CRSO v. Commissioner]

  • TE/GE Commissioner Sees Impending Forces, Need for Goverance Guidance

  • Supreme Court Hears Arguments in Election Law Case [Federal Election Commission v. Wisconsin Right to Life, Inc.]

August 2007

  • House Subcommittee on Oversight Seeking Comments on PPA Provisions

  • IRS Unveils Draft of New Form 990

  • IRS Provides Political Campaign Intervention Guidance [Rev. Rul. 2004-41]

  • Down-Payment Assistance Update [including PLR 200721025]

  • IRS Issues Guidance on Qualified Conservation Contributions Limitations [Notice 2007-50]

  • Credit Unions-Banks Fray Update

September 2007

  • House Oversight Subcommittee Holds Hearing on Exempt Charitable Organizations

  • IRS Responds to Sen. Grassley

  • IRS Releases Report on Hospitals' Community Benefit Compliance

  • IRS Issues Proposed Regs Concerning Exempt Entities in Tax Shelters [REG-139268-06, REG-142030-06]

  • IRS Issues Revised Exempt Status Procedures [Rev. Proc. 2007-52]

  • Sens. Baucus, Grassley Seek Treasury Action on Charities, Law, and Form 990

  • Supreme Court Report [five opinions]

October 2007

  • Treasury, IRS Issue 2007-2008 Priority Guidance Plan

  • IRS Planning Regulations for Type III Supporting Organizations [REG-155929-06]

  • IRS Proposes Revised Public Inspection Regs [REG-116215-07]

  • Supporting Organization Retains Status With Substituted Supported Entity [PLR 200731034]

  • Charitable Contribution Scheme Classified as Transaction of Interest [Notice 2007-72]

November 2007

  • IRS Lifts Suspension of Issuance of Functionally Integrated Type III Supporting Organizations Determination Letters

  • Senate Finance Committee Adopts Conservation Easement Bill

  • IRS Finds Private Benefit Inherent in Two-Person Board, Articulates New Private Benefit Rule [PLR 200736037]

  • IRS Counsel Opines on Pacade Easement Valuation Method [CCAM 200738013]

  • Charity Compensation Study Finds 4.6 Percent Increase in Executive Compensation

  • Joint Committee Issues Tax Expenditures for 2007-2011 [JCS-3-07]

  • IRS Ends Church's Examination, Political Campaign Activity Found

  • Down-Payment Assistance Update

December 2007

  • Major Tax Legislation Offered in Ways and Means Committee [H.R. 3970]

  • CRS Issues Analysis of College and University Endowments Tax Issues [M-082007]

  • TIGTA, IRS Quarreling Over Vehicle Deduction Education [2007-30-171]

  • Community Foundation Compliance Check Project Is Underway

  • Nonprofit Sector Panel Issues Good Governance Principles

  • IRS Issues Inflation Adjustments for 2008 [Rev. Proc. 2007-66]

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