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.