The IRS’s Exempt Organizations and Government Entities (EO) division has published two new Technical Guides (TG).
The two newest TGs are:
- TG 48: Unrelated Business Income Tax, which provides information on unrelated business income (UBI) and unrelated business income tax (UBIT), and
- TG 14: Credit Unions and Mutual Reserve Funds IRC Section 501(c)(14), which discusses the distinct tax exemption criteria of credit unions and mutual reserve fund organizations
According to the IRS, Audit Technique Guides (ATGs) and Technical Guides (TGs) contain information that will help IRS agents work cases involving specific types of exempt organizations (EOs). However, TGs are comprehensive, issue-specific documents that update and combine the related Audit Technique Guides (ATG) with other technical content. And, once completed, the TGs replace the related ATGs.
Note. Although ATGs and TGs are designed to guide IRS employees, employees and governing boards of exempt organizations and the tax practitioners who work with them may find them useful.
For more information about exempt organizations, see Checkpoint’s Federal Tax Coordinator ¶D-6800.
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