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January 17, 2019 - Submission of Comments Regarding 512(a)(6); Soliciting Interest in 4960 Comments

01/17/2019 12:19 PM | Anonymous

The Council has submitted comments requested by the IRS and Treasury related to Notice 2018-67 regarding how to identify separate unrelated trades or businesses for purposes of Section 512(a)(6) of the Internal Revenue Code. Following is a link to the comments submitted earlier this week: TEGE EO Council 512(a)(6) Comments.

This has been a significant effort on the part of many. Special thanks to Stephen M. Clarke and Mary Rauschenberg for leading the effort and to Alex Reid (Regulatory Affairs Chair) and the Regulatory Affairs Committee (Lori Boyce and Eve Borenstein) for their assistance.

4960 Comments. On December 31, 2018, the IRS issued Notice 2019-09, which provides interim guidance on the new 4960 excise tax applicable to certain compensation paid by tax-exempt organizations enacted as part of the Tax Cuts and Jobs Acts of 2017. Council leadership is seeking interest in participating in or leading an effort to submit comments on the interim guidance, no later than the first week of March 2019. Please email Alex Reid (alexander.reid@morganlewis.com) if you are interested in participating.

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