August 7, 2008

IRS Reviews Charity Use of Overseas Companies

By Peter Panepento

The Internal Revenue Service is looking at whether charities are using offshore accounts and other tactics to avoid paying taxes on income earned in the United States.

Frank Ng, commissioner of the IRS's Large and Mid-Sized Businesses Division, told the Senate Finance Committee that the tax agency is "evaluating the nature" of offshore investments by nonprofit groups that otherwise would be required to pay unrelated-business income tax, known as UBIT, on their investment

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