Description
IRS and Treasury efforts – in large part - govern tax-exempt organizational (EO) operations and financial practices given their connections to an organization’s exempt status. Therefore, staying informed and compliant with agency and department efforts is “mission critical” to EOs large and small. Knowing focal points allows organizations to focus on mission advancement without jeopardizing federal tax-exemption status. So, join us on July 18 for a quick synopsis of evolving 2024 IRS and Treasury efforts, important rules, and legislative details so that your tax-exempt organizations can focus on doing what they do best – their mission work!
This webinar spotlights important changes and new agency initiatives all tax-exempt organizations should be mindful of as they close out 2024 and fine-tune 2025 operations ahead. Join us for a discussion on these important changes and Capitol Hill highlights:
- Important regulatory guidance: DAFs and regulation §4966, conservation easements, and more!
- Employee Retention Credit (ERC) IRS happenings:
o The new claims moratorium;
o Special withdrawal process for taxpayers with submissions but without refunds; and the
o Voluntary Disclosure Program
- Inflation Reduction Act guidance: Elective pay (“direct pay”) provisions under Section 6417, clean energy tax credit transfers, and proposed regulations
- Rev. Proc. 2024-5, Rev. Proc. 2024-22, and Revenue Ruling 2024-10
- Litigation and rulings to be mindful of:
o Iowaska Church of Healing v. Daniel I. Werfel, Commissioner, Internal Revenue Service et. al.; God’s Storehouse Topeka Church v. United States of America; Memorial Herman Accountable Care Organization v. Commissioner of Internal Revenue Service; and The Buckeye Institute v. Internal Revenue Service
o PLR 202415003, 202413009, 202426013, and 202342002
o And more!
- What Biden’s budget proposal means for EO activities including:
o Private foundation payments to disqualified persons
o Foundation distributions to DAFs
o And ordinary income tax rates for capital gains of high-income taxpayers
- A look to pending legislation including those impacting universities, charitable deductions, and the Safeguarding Charity Act § 3604
This program is essential for attorneys who represent nonprofits, work at nonprofits, or serve on nonprofit boards. Accountants or development staff at tax-exempt organizations will also find this webcast useful to their daily work.