IRS TO EVALUATE QUALIFIED 501(C)(3) BOND COMPLIANCE

Wednesday, August 22, 2007 - 7:00am

The Internal Revenue Service (IRS) announced this week that its Office of Tax Exempt Bonds (TEB) and the Exempt Organizations Compliance Area (EOCA) initiated a joint effort to evaluate the policies and procedures used by 501(c)(3) exempt organizations to ensure the post-issuance tax compliance of their tax-exempt debt obligations. The IRS says it will send compliance check questionnaires to more than 200 exempt organizations, indicating an outstanding balance on their 2005 Form 990, Return of Organization Exempt from Income Tax.