Intermediate sanctions /

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Bibliographic Details
Author / Creator:	Roady, Celia, 1951-
Imprint:	Arlington, VA : Tax Management, [©2002]-
Language:	English
Series:	Estates, gifts, and trusts portfolios ; 476 Tax management portfolios ; 476.
Subject:	Nonprofit organizations -- Taxation -- United States. Tax exemption -- United States. Charitable uses, trusts, and foundations -- Taxation -- United States.
Format:	E-Resource Journal
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/5669668

Hidden Bibliographic Details
Other authors / contributors:	Tax Management Inc.
Frequency:	Updated irregularly
Notes:	Formerly published in Washington, D.C., 2002-2007. Published as Tax Management Estates, Gifts and Trusts portfolio 884, -2013. Title from title screen (viewed Mar. 13, 2013). Includes bibliographical references.
Summary:	" ... discusses in detail the applicable sanctions that, under [section] 4958, may be imposed on so-called "excess benefit transactions" involving [section] 501(c)(3) public charities, [section] 501(c)(4) organizations, and their insiders. Enacted in 1996 by the Taxpayer Bill of Rights 2, [section] 4958 was added to the Internal Revenue Code to provide the IRS with a tool to penalize insiders of [section] 501(c)(3) public charities and [section] 501(c)(4) organizations who receive excess compensation or engage in unfair business transactions with the organizations, as well as managers who knowingly approve such arrangements. Section 4958 imposes an excise tax on a "disqualified person"--A person with substantial control over the organization -- who receives excessive economic benefit from the organization, as well as on the organization manager(s) who approves the benefit knowing it to be excessive. The IRS may choose to invoke these penalties on the disqualified person as an alternative to revoking the organization's tax exemption, hence the term "intermediate sanctions" to describe this new penalty regime. Amendments made by the Pension Protection Act of 2006 extended the intermediate sanctions penalty system to certain transactions involving donor advised funds and supporting organizations and their substantial contributors, even when there is no "excess" benefit."
Other form:	Print version: Roady, Celia, 1951- Intermediate sanctions. Arlington, Va. : Tax Management Inc., ©2013- 9781617468117

Table of Contents:

Detailed analysis. Introduction
Effective dates of [section] 4958 as originally enacted and as expanded by the PPA
Definition of applicable tax-exempt organization
Definition of disqualified person
Definition of organization manager
Excess benefit transactions
Rebuttable presumption of reasonableness
Private letter rulings and technical advice under [section] 4958
Imposition of excise tax
Abatement of [section] 4958 excise taxes
Reporting excess benefit transactions
Church tax inquiries and examinations
IRS discretion to impose revocation and/or excise taxes
Working papers.

Intermediate sanctions /

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