Publisher's Synopsis
The 2006 Cumulative Supplement includes updates on the following developments:
- The panel on the Nonprofit Sector, assembled by Independent Sector, issued its final report with recommendations for Congress, the IRS, and nonprofits.
- One of the principal compliance issues for the IRS this year has been the compensation of executives of tax–exempt organizations.
- The IRS offered proposed regulations to clarify the proper application of the intermediate sanctions law regarding excess benefit transactions.
- The IRS announced in January of 2006 that it would decline to rule on requests involving the tax–exempt status or unrelated business income ramifications of joint ventures between exempt organizations and for–profit parties.
