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Irs 1024a fillable Form: What You Should Know

What is this Notice? Jan 5, 2024 — Notice that the Internal Revenue Service plans to revise the Notice of Proposed Rule making (NORM) that would allow businesses and organizations to claim an exemption to income tax that is based exclusively on political activity or advocacy. Why was the NORM Revisions Needed? May 23, 2024 — IRS released the Internal Revenue Manual Revisions (IRM) pertaining to IRS's authority to revise Proposed Regulations (PCR), with the intent of providing greater public clarity and consistency of the requirements of the NORM. The IRS believes that the revised Proposed Regulations will improve the ability of taxpayers to comply fully under the NORM and minimize the impact on taxpayers. The revised NORM will be effective January 5, 2021. The NORM was approved by the Taxpayer Advocate Service. The IRM discusses a number of potential impacts on existing practice that the revised regulations will have after the NORM implementation date and will not eliminate the existing exemptions. The IRS is not required to change guidance on a particular exemption. However, the IRM provides information on which practices and requirements may be subject to change at various point of time. Changes in the procedures or guidance with respect to any one exemption may affect other exemptions, or the IRS may issue additional guidance or revisions with respect to another exemption. What may be affected by the revision of the NORM? For businesses and organizations. (In general, this includes any organization with income attributable to the sale or exchange of goods or services but excludes certain business organizations, individuals, trusts, or estates.) For individuals and trusts. For political parties and organizations that raise or spend for political campaigns. For charitable organizations that engage exclusively in the provision of “charity functions,” which have not made the transition from the exempt status of a “taxable non-profit organization” to such status as an “exempt organization” under Section 501(c)(3).  For churches that qualify as tax-exempt under § 501(C), (including churches that engage exclusively in social welfare activities). Organization-specific exemptions How long will this change last? The NORM change will not impact the existing exemption from federal excise tax under Section 501(a) of the Internal Revenue Code.

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