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May 9, 2008, 04:15 PM ET
IRS Updates Rules on Dislosing Business Activities
The Internal Revenue Service has updated its guidelines that explain how charities must make public their Form 990-T filings, which list business activities not directly related to a charity’s mission.
As part of the Pension Protection Act of 2006, charities that file the Form 990-T must now make their filings available for public inspection.
New IRS reporting guidelines released this week clarify the rules behind this requirement. Most notably, the guidelines say nonprofits must make filings available for three years after their filing date. The requirement applies to all Form 990-T filings made after August 17, 2006.
The tax agency’s guidelines also state that charities do not have to provide supporting documents and attachments that do not relate to the imposition of unrelated business income tax.
As a result, nonprofit groups do not have to make public Form 5471 (Information return of U.S. persons with respect to certain foreign corporations), Form 8886 (Reportable Transaction Disclosure Statement), and Form 8913 (Credit for federal telephone excise tax paid).
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