Learn more about the case Connelly v. United States. ...
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On April 26, 2016, H.R.#5053, Preventing IRS Abuse and Protecting Free Speech Act, was introduced by the sponsor and author, Congressman Peter Roskam (R-IL). This bill was passed by the House of Representatives on June 14, 2016 with a vote of 240 to 182.
The purpose of this bill is to amend the Internal Revenue Code of 1986 to prohibit the Internal Revenue Service from requiring tax-exempt organizations, exempt under Section 501(c) of the Internal Revenue Code, to include the name, address, or other identifying information of a contributor on Schedule B of the organization's annual tax filing, Form 990 - Return of Organization Exempt from Income Tax.
Currently, the law requires exempt organizations to report donors who contributed the greater of more than $5,000 in the organization's tax year or contributors who gave more than 2% of total contributions under the Schedule B Special Rule. H.R.#5053 will still require exempt organizations to disclose information relating to prohibited tax shelter transactions and for contributions of $5,000 or more by officers, directors, or highly paid employees reported on Part VII in the Core Form of the Form 990.
The bill will go before the Senate, and if it is passed, it will be sent to the President. To stay current with the progress of this bill, visit website www.congress.gov and search current legislation H.R.#5053.
Contact us if you have questions regarding your organization's Form 990 and visit the Our Thoughts On blog for more articles pertaining to the not-for-profit industry.
Learn more about the case Connelly v. United States. ...
Learn more about the case Connelly v. United States. ...
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