2017–2018 Priority Guidance Plan Update Published

• Date: 01 April 2018
• Published date: 01 April 2018
• DOI: http://doi.org/10.1002/npc.30446

THE LAW OF TAX-EXEMPT ORGANIZATIONS MONTHLY

2017–2018 PRIORITY

GUIDANCE PLAN

UPDATE PUBLISHED

The Department of the Treasury and the IRS, on February 7, released the

second-quarter update to the 2017–2018 Priority Guidance Plan. Some entries are

new, due to the recent tax legislation. Several items have been dropped. Here are

the relevant elements in the Plan.

1. Guidance on computation of unrelated business taxable income for separate

trades or business (IRC § 512(a)(6)).

2. Guidance on certain issues relating to the excise tax on excess remuneration

paid by applicable tax-exempt organizations (IRC § 4960).

3. Guidance regarding methods of allocating expenses relating to dual-use facili-

ties (IRC § 512(a)(1)).

4. Revenue procedures updating grantor and contributor reliance criteria (IRC §§ 170,

509), including issuance of update to Rev. Proc. 2011-33 for EO Select Check.

5. Proposed regulations regarding excise taxes on donor-advised funds and fund

management in reflection of 2006 statutory law (IRC § 4966); Notice 2017-73

was published December 4, 2017 (summarized in the February 2018 issue; a

commentary begins on page 6).

6. Guidance regarding private foundations’ investment in partnerships in which

disqualified persons are also partners (IRC § 4941).

7. Final regulations concerning church tax inquiries and examinations (IRC § 7611);

proposed regulations were issued in 2009 (summarized in the October 2009 issue).

8. Promulgation of final regulations and additional guidance on supporting

organizations (IRC § 509(a)(3)); proposed regulations were issued February 18,

2016 (summarized in the April 2016 issue).

9. Update of Rev. Rul. 67-390 (concerning circumstances when a new applica-

tion for recognition of exemption is required because the exempt organization

becomes a new legal entity); Rev. Proc. 2018-15 was published February 26

(see the next article).

10. Guidance implementing changes to IRC § 529.

11. Final regulations and other guidance on qualified ABLE programs (IRC §

529A); proposed regulations were published in 2015 (summarized in the

August 2015 issue).

12. Regulations explaining computation of unrelated business taxable income of

voluntary employees’ beneficiary associations (IRC §§ 501(c)(9), 512); pro-

posed regulations were issued in 2014. © 2018 Wiley Periodicals, Inc.

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DOI:10.1002/npc

Analysis of current developments in tax

and related law for nonprofit organiza-

tions and their professional advisors.

Volume 35 Number 4

April 2018

Also in This issue...

Surprise Relief! New

Applications No Longer Required

for Form, Location Changes 2

Federal Court of Appeals Holds

State Schedule B Disclosure

Regime Constitutional 3

Organization Finally Obtains

IRS Recognition, Then Fails

to Have Costs Awarded Due

to Statutory “Gap” 4

Many Tax Regulations

to Be Jettisoned, Amended 5

Comments on DAF Notice 5

Public Charities’ Affiliation

Again Sets Tax Law Trap 6

Other Recent IRS Private Letter

Rulings 6

Senate Committee Reviewing

IRS Rulemaking Practices 7

Other Developments 8