IRS issues EO 2011 Annual Report & 2012 Workplan; Updates for Hospitals, Colleges/Univesities and Foundations
The IRS Exempt Organizations section has issued its 2011 Annual Report and 2012 Workplan. Of note for our clients are:
1. Hospitals: The Annual Report notes that the Affordable Care Act of 2010 requires the IRS to review the “community benefit activities” of hospitals, but that the reviews are expected to take place without the IRS contacting the hospitals. Of interest is the statement that the EO section will use the information gathered from the reviews for “compliance” purposes.
2. Colleges and Universities: In the 2012 Workplan, the IRS states that the EO is completing work on its review of questionnaire data, and of its examinations of selected colleges and universities, and will issue a final report. The questionnaires were sent to 400 colleges and universities. No firm date is given for the issuance of the report.
3. Private Foundations: Noting that “many private foundations hold substantial assets,” the Workplan states that the EO is examining “a selection of the largest private foundations.”
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