Managing the Self-Disclosure Requirement on IRS Form 990 for “Excess Benefit” Transactions with Directors, Officers, and Other “Disqualified Persons”
- Topics:
- Regulatory issues
- Tags:
- Benefits,
- Finance,
- Financial Planning,
- Free Trade,
- Human Resources,
- Internal Revenue Service,
- Jones Day Reavis & Pogue,
- Sanction,
- Taxes
- Source:
- Jones, Day, Reavis & Pogue
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Overview: As tax-exempt organizations gain experience with the intermediate sanctions rules, they are increasingly confronting difficult decisions about whether and how to disclose “excess benefit transactions” with directors, officers, and high-referring physicians on their annual return (Form 990) with the IRS. Post-Enron, both regulators and stakeholders of tax-exempt organizations can be expected to closely scrutinize transactions with “insiders” and compliance with the intermediate sanctions rules, including the obligation to report excess benefit transactions. Accordingly, whether and how to make a Form 990 disclosure can be a nettlesome issue. This paper summarizes the intermediate sanctions provisions and the Form 990 reporting requirements, discusses considerations relevant to a disclosure decision, and provides affirmative measures to avoid a problem in the first instance.
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Format: PDF | Size: 450KB | Date: Nov 2002 | Pages: 4
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