IRS to Hold Meeting on Employee Plans, Enforcement At Tax-Exempt Groups
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.