June 14, 2007

News from the IRS

1. Comments Requested on Draft Redesigned Form 990 The IRS released for comment and discussion proposed revisions to Form 990, Return of Organization Exempt from Income Taxation. The IRS hopes to have the form ready for use for the 2008 filing year (returns filed in 2009).
2. Report of the ACT The Advisory Committee on Tax Exempt and Government Entities (ACT) has issued a report on project recommendations for the Tax-Exempt and Government Entities Division. The report includes a proposal for an Exempt Organizations Voluntary Compliance Program.
3. Gaming Phone Forum Script The IRS has posted the script from a recent phone forum on "Gaming and Exempt Organizations."
4. Qualified Conservation Easement Guidance Notice 2007-50 provides guidance on new percentage limitations imposed by Internal Revenue Code section 170(b)(1)(E)(iii) on qualified conservation contributions made by individuals.