The Internal Revenue Service (IRS) has released Final Regulations under Section 501(r) of the Code.  The Final Regulations address:

- Hospital Facilities and Organizations Subject to Section 501(r)
- Community Health Needs Assessments
- Financial Assistance Policies
- Billing and Collection
- Reporting Requirements
- Consequences for Failure to Comply. 

A pre-publication copy of the Final Regulations can be found here.

The IRS has released Notice 2014-67, which provides interim guidance for determining whether a governmental entity or Section 501(c)(3) organization that benefits from tax-exempt financing will be considered to have private use of its bond-financed facilities.  The IRS also solicits comments on the interim gudance, including whether further guidance is necessary.  A copy of the Notice can be found here.

The Advisory Committee on Tax Exempt and Government Entities (ACT) presented its annual report on June 11, 2014. addressing five issues related to Employee Plans, Exempt Organizations, Federal, State and Local Governments, Indian Tribal Governments, and Tax Exempt Bonds.  The ACT report includes an Analysis and Recommendations Regarding Unrelated Business Income Tax Compliance of Colleges and Universities and a discussion of Today’s Reality: The Increased Reliance on the “Facts and  Circumstances” Test in Analyzing Management Contracts for Private Business Use.  A copy of the report can be found here.

On May 22, 2014, Treasury and the IRS announced that they expect to revise the proposed regulation governing political activity of section 501(c)(4) organizations in light of the volume and diversity of the written comments they received.  A public hearing will be held only after the publication of the revised proposed regulation.

The IRS expects to release new Form 1023-EZ, a simpler form for smaller charities to apply for tax-exempt status, in mid- to late summer 2014.  The current draft of the form can be found here.