Recent Joint Committee on Taxation Proposals Affecting Exempt Organizations

On January 27, the Joint Committee on Taxation (“JCT”) released a 430-page report describing proposals to curtail tax shelters, close loopholes, and address other areas of noncompliance. The report, “Options to Improve Tax Compliance and Reform Tax Expenditures,” was requested by Senate Finance Committee Chair Charles Grassley and ranking Democrat Max Baucus to identify ways to reduce the size of the “tax gap,” which is the difference between how much taxpayers collectively owe and how much is actually collected. The report contains 72 proposals in various areas of tax law and 12 specifically for exempt organizations.

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