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Post-Issuance Compliance for Tax-Exempt Bonds: Understanding the Requirements
Posted by Craig Klein on Tue, Sep 27, 2016 @ 04:39 PM

The tax-exempt bond area is closely overseen and regulated by the IRS tax-exempt bond (TEB) division. In 2016, TEB has been allocating half of its resources to examination casework. Included in the examination casework category are referrals and claims, TEB’s market segmentation program and the division’s compliance check/soft letter program.  Given the importance of tax-exempt bond financing to your organization, the complexity of maintaining post-issuance qualification of your bonds, and the IRS’s oversight of this area, your organization should understand the requirements for post-issuance compliance and monitor the use of bond-financed facilities to ensure continuing compliance. The penalties for noncompliance could be costly.

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Topics: tax-exempt, compliance, tax compliance, Craig Klein, 501(c)(3), tax exempt bonds, bonds, Post-issuance compliance

Report Asks for 501(c)(3) Application Improvements
Posted by Amy O’Loughlin on Thu, Feb 25, 2016 @ 10:47 AM

A recent report from the Taxpayer Advocate Service asks the IRS to devote more of its resources to catching 501(c)(3) compliance concerns early rather than trying to correct potential issues on the back end. If your organization recently applied for public charity status, the chances of receiving additional IRS scrutiny have increased significantly. The IRS may be looking at its applications for tax exemption. The report indicates that more oversight for the Form 1023, Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code and the Form 1023-EZ, Streamlined Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code may be needed.

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Topics: not-for-profit, IRS, Amy O’Loughlin, 501(c)(3), Form 1023, Form 1023-EZ

Safe Harbor Expanded for 501(c)(3) Bond-Financed Buildings
Posted by Craig Klein on Thu, May 28, 2015 @ 02:14 PM

The IRS recently updated its guidance for not-for-profit organizations benefiting from tax-exempt bonds. IRS Notice 2014-67 loosens up requirements related to private business use of 501(c)(3) bond financed facilities. The changes are somewhat directed to address healthcare Accountable Care Organizations (ACOs) participating in the Medicare Shared Savings Program. However the expanded safe harbor has broader applicability within the not-for-profit sector.

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Topics: Craig Klein, 501(c)(3)

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