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IRS Issues New Implementing Guidelines for FY 2008

Are you interested in what's going on at the IRS? Curious about what they have planned for the year ahead? If so, it might be worth your time to take a look at the Implementing Guidelines for fiscal year 2008, which were recently issued by the Exempt Organizations Division. This document serves the dual purpose of taking a look back at the division's achievements during the past year and outlining its plans and strategies for the year ahead.

According to the guidelines, projects anticipated for 2008 include: (1) the redesign of Form 990, based on comments the division received on the draft version released in June 2007, and (2) several programs designed to control donor abuses, such as the over-valuation of non-cash contributions.

The document also contains brief summaries of three new compliance initiatives: a National Research Program that will focus on employment taxes; an Exempt Organizations Research and Compliance Initiative that will focus on colleges and universities; and a Voluntary Compliance Program that will assist non-compliant organizations in filing their required forms and avoiding penalties. (For more information on the Voluntary Compliance Program, see last July's "IRS Update.")

The division also plans on improving customer service by expanding on-line offerings for nonprofits. Projects include an electronic tracking system, a Web-based tool for guiding new organizations through the application process, and an expansion of on-line training programs.

If you'd like further details on these planned initiatives—and more—you can download a copy of the Fiscal Year 2008 EO Implementing Guidelines.

Patrick Ferraro, January 2008
© 2008, Philanthropic Research, Inc. (GuideStar)

Patrick Ferraro is a freelance writer in Seoul, Korea, and a former editor of the Newsletter.
Topics: Law and Regulations