Regulatory changes and areas of focus can be hard to predict, but the IRS and the Department of Treasury’s plans for the 2016 fiscal year provide a good indication for what may be coming down the line for not-for-profit organizations.
The IRS’s Tax-Exempt/Government Entities Priorities (TE/GE) for Fiscal Year 2016 and the Department of the Treasury’s 2015-2016 Priority Guidance Plan indicate a number of reporting areas that the regulatory agencies want to improve in the coming year. Not-for-profit organizations should keep a close eye on these focus areas to be prepared for the potential impact these changes could have on their operations.