July 10, 2007

IRS: Exempt Organization Developments

The IRS issued an advance copy of Rev. Proc. 2007-52 setting forth the procedures for issuing determination letters and rulings on exempt status of organizations under sections 501 and 521. These procedures also apply to revocation and modification of determination letters or rulings, and provide guidance on the exhaustion of administrative remedies for purposes of declaratory judgment under section 7428.

In a separate development, the House Ways and Means Oversight Subcommittee will hold an overview hearing on tax exempt organizations according to Subcommitte Chairman John Lewis (D-GA). The hearing will focus on charities and foundations described in Internal Revenue Code section 501(c)(3) and will take place on Tuesday, July 24, 2007, in the main Committee hearing room, 1100 Longworth House Office Building, beginning at 10:00 a.m. More information.