Business Services Industry
Abusive tax transactions involving exempt organizations.
Tax Adviser, The, May, 2006 by Underwood, Joyce M.
The tax-exempt sector has faced increased scrutiny in recent years as it has grown in size and complexity. Exempt organizations are being watched closely by the IRS, Federal and state legislators, the press and the public. A key concern in the aftermath of high-profile tax-shelter controversies is the shift of abuse, which is now being curtailed in the for-profit sector, to the tax-exempt arena. Abusive tax transactions involving exempt organizations are especially troubling because nonprofits, particularly charities, are seen as doing social good and relieving the burden of government. Questionable transactions and third parties receiving benefits not only threaten tax fairness, but undermine the reputation of the tax-exempt sector. The issue of tax-exempt entities and...
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