Search Results for keywords:"exempt organizations"

Found 2 results

Search Results: keywords:"exempt organizations"

💰 Only
Oldest Newest
  • 2021-00341 — Unrelated Business Taxable Income Separately Computed for Each Trade or Business; Correction
    Type:Rule
    Citation:86 FR 9286
    Reading Time:about a minute or two

    The Internal Revenue Service (IRS), under the Treasury Department, is issuing corrections to the final regulations related to unrelated business taxable income for exempt organizations, which were initially published on December 2, 2020. These amendments are intended to correct errors in the original text, ensuring accurate guidance for organizations in determining and calculating their unrelated business income. The corrections, effective on February 12, 2021, involve small textual edits within the tax regulations.

    Simple Explanation

    The government made some small fixes to rules about how charities and similar groups handle money they earn from activities that aren't their main purpose, so it's easier for them to figure out their taxes.

  • 2021-00342 — Unrelated Business Taxable Income Separately Computed for Each Trade or Business; Correction
    Type:Rule
    Citation:86 FR 9285
    Reading Time:about 3 minutes

    The Internal Revenue Service (IRS) has issued corrections to previous regulations under section 512 of the Internal Revenue Code. These corrections address errors in the guidance on how exempt organizations subject to unrelated business income tax determine and calculate unrelated business taxable income. The corrections modify specific language in the original document to clarify the regulations. These changes are effective from February 12, 2021, and they apply to the regulations initially published on December 2, 2020.

    Simple Explanation

    The IRS fixed some small mistakes in the rules about how certain organizations should handle taxes for businesses that aren't their main job. These changes make it easier for them to know how to deal with such taxes correctly.