Announcement 2012-19: Reporting Information Regarding Joint Ventures and Other Partnerships on Forms 990 and 990-EZ for Tax Year 2011
This announcement notifies filers of Form 990, Return of Organization Exempt from Income Tax and Form 990-EZ, Short Form Return of Organization Exempt from Income Tax, of a change in the 2011 Form 990-EZ and Form 990 Instructions. Except as noted below, it is now optional for tax year 2011 for filers to report their interests in the income, expenses, and assets of joint ventures and other partnerships in which they have an ownership interest using information from Form 1065, U.S. Return of Partnership Income, Schedule K-1.
Obscure Apostolic Associations under IRC 501(d) file Form 1065
http://www.irs.gov/irm/part7/irm_07-025-023.html
In general, the type of organization exempt under IRC 501(d) is one organized for the purpose of operating a communal religious community where the members live a communal life following the tenets and teachings of the organization. All of the organization’s property is owned in community and, each member, upon leaving, the organization, is entitled to no part of the community assets. The activities often consist of farming and manufacturing. The income of the organization goes into a community treasury and is used to defray operating expenses and the cost of supporting and maintaining the members and their families. See Rev. Rul. 57– 574, 1957–2 C.B. 161
http://www.irs.gov/irm/part4/irm_04-076-029.html
Under Regulation §1.6033-2(e) and the filing instructions for Form 1065, IRC §501(d) organization is required to file a partnership return on Form 1065. Even though exempt from income tax, an IRC 501(d) organization must compute "taxable income" in order to determine the amounts its members will include in their gross incomes. A religious or apostolic organization must figure its taxable income on an attachment to Form 1065 in the same manner as a corporation. Form 1120 U. S. Corporation Income Tax Return, may be used for this purpose.
IRS Webinar: Churches and Religious Organizations
Churches and Religious Organizations (July 25, 2012)
This free webinar explains federal tax rules of interest to churches and religious organizations. Watch this webinar to learn:
- When it comes to taxes, what is a "church?"
- What is a "religious organization?"
- How do you apply for tax exempt status?
- How to stay exempt: do's and don'ts
- Special rules for compensation of ministers
- Recordkeeping and filing
- Rules limiting an IRS audit of a church
- And much more.
The first viewing will be 2 p.m. (Eastern Standard Time) Wednesday, July 25. Click here to register.