Treasury and IRS Issue Proposed Regulations and Provide Relief for Certain Tax-Exempt Organizations

The Internal Revenue Service issued proposed regulations clarifying the reporting requirements that are typically applicable to tax-exempt organizations. The proposed regulations demonstrate statutory amendments and certain grants of reporting relief announced by the IRS and Treasury Department in prior attempts to help many tax-exempt organizations find the reporting requirements in one place. The proposed regulations incorporate the existing exemption from having to file an annual return for certain organizations that typically have gross receipts of $50,000 or less.

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