WASHINGTON - The IRS's Advisory Committee on Tax Exempt and Government Entities (ACT) will hold a public meeting to address employee plans operational guidance and ways to enhance enforcement and compliance with tax-exempt organizations. ACT's 17-member panel includes external stakeholders and representatives who deal with employee retirement plans, tax-exempt organizations, tax-exempt bonds and federal, state, local and Indian tribal governments. They are appointed by the Secretary of the Treasury, generally serve two-year terms and advise the IRS on operational policies and procedures. At the meeting, ACT will also address barriers to voluntary compliance by federal, state and local governments; audit cycle time and communications for employee plans and tax exempt bonds, and Indian tribal government guidance priorities. This summer, the IRS will also take a closer look at executive compensation at nonprofit organizations to find out how salary packages are set up and reported on income returns. Credit unions fall under a different tax-exempt category and will not be looked at, an IRS spokesman said. The ACT meeting is open to the public and will take place from 9:00 a.m. to 1:30 p.m. June 9 at IRS headquarters, 1111 Constitution Ave., N.W., Washington, D.C.
IRS to Hold Meeting on Employee Plans, Enforcement At Tax-Exempt Groups
Want the latest credit union news?
Sign up for our free newsletter today! All the breaking credit union news and information you need to make the right decision for your credit union delivered to your inbox. For free!
Thanks for subscribing, you will start receiving the Daily News Alert tomorrow!