The IRS recently published a new compliance guide for tax exempt organizations other than 501(c)(3) public charities, private foundations, and Section 527 political organizations. The guide, Publication 4221-NC, includes coverage of the following topics:
· Activities that might jeopardize exempt status
· What federal information returns, tax returns, and notices must be filed
· Recordkeeping rules and suggestions
· Reporting changes to the IRS
· Required disclosures
According to the IRS, this publication focuses general compliance requirements on recordkeeping, reporting, and disclosure for exempt organizations (EO’s). Content includes references to the statute, Treasury regulations, IRS publications, and IRS forms with instructions. This publication is neither comprehensive nor intended to address every situation.