Overview
Omnibus/Tax Extender Legislation Moving Through Congress; Includes Many Provisions Affecting Exempt Organizations: Today, the House passed the tax-extenders portion of the legislation on a 318-109 vote. The House is expected to pass the omnibus portion tomorrow. The Senate is expected to also pass the legislation, and President Obama is expected to sign the legislation in the coming days.
The Joint Committee on Taxation also released its general explanation of the provisions included in the tax extenders legislation.
On an ongoing basis, the Daily Tax Update will be providing a more detailed look into different aspects of the omnibus appropriations and tax extenders legislation expected to be passed by Congress and signed by President Obama.
Miscellaneous Guidance Released: Revenue Procedure 2016-11 provides inflation-adjusted items for 2016 for certain civil penalties under sections 6651, 6652(c), 6695, 6698, 6699, 6721, and 6722 for returns and statements required to be filed after December 31, 2016.
DTU IN DEPTH:
Omnibus/Tax Extender Legislation Will Affect Tax-Exempt Organizations The legislation includes five permanent extensions of expiring or expired provisions affecting tax exempt organizations. It also includes several other provisions that would affect tax exempt organizations. For in-depth coverage of these provisions, click here.