Irs publication 578 Form 2019-2024

Irs publication 578 Form: What You Should Know

Aug 11, 2024 — NOTICE: On or before Sept. 30, 2022, the Securities and Exchanges Commission (SEC) will amend Regulation 619-2 under Section 13(a) of the Securities Exchange Act of 1934 (the Exchange Act) to clarify that a private foundation generally may be exempt from additional capital losses tax (CULT) for the period beginning on the date of its election to be exempt, and ending on the latter of the first day of the fourth taxable year that begins after the end of the taxable year concerned or the earliest of such date and Oct. 15, 2022. Such amendment will become effective on the day before the date of Pub. 587 (Tax-Exempt. Status for Your. Organization). If a private foundation elects to be so exempt, the private foundation will lose its existing exemption for any subsequent taxable year. Sep 8, 2024 — Notice of Modification of Notice to Exempt Organizations. The SEC issued an Interpretive Release on October 5, 2010, (Pub. 13-102). The release contains a new provision (section 4(f)(2, 3), SEC Release 13-2) that will modify the Notice to Exempt Organizations regarding the treatment of private foundations for purposes of section 4942(e). This new section modifies section 4942(e)(1) and section 4942(e)(2), and does not modify the section 481 rule set forth in that prior release. To help ensure that private foundations in the future will continue to be permitted to maintain an exemption under section 4942(e) and not be subject to CULT, the SEC requested the comments of tax-exempt organizations (particularly private foundations) and others to provide information that can help inform the SEC as to when, where, why, and the manner in which a private foundation should be authorized to maintain an exemption under section 4942(e). The comments received during the comment period were included in the Notice to Exempt Organizations concerning changes to a private foundation exemption. The release also includes a new provision (section 4(c)(2)(B), Pub. 13-102) that clarifies the applicable date for the application of the notice. Sep 25, 2024 — Notice of Modification on Interpretation or Relief. The SEC issued Interpretation No. 21, issued on October 5, 2024 (Pub. 13-102).

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