The financial reporting requirements of tax-exempt hospitals and other non-profit organizations are about to go under the microscope of the House Ways and Means Subcommittee next week, according to an announcement from U.S. Rep. Charles Boustany, MD (R-La.).
Rep. Boustany, chairman of the Oversight Subcommittee of the House Ways and Means Committee, said the hearing will take place Wednesday and will be the first in a series of hearings held by the Oversight Subcommittee on the tax-exempt sector and IRS oversight of tax-exempt activities.
As of 2008, there were 1.18 million tax-exempt organizations under section 501(c)(3), which includes hospitals. Non-profit hospitals currently fill out the Form 990, which was revised for the 2011 tax year. Hospitals must now report their financial assistance benefits and the amount of free and discounted care for indigent patients on the Form 990.
"This review allows us to examine the state of the tax-exempt sector, as it currently exists today and consider this information as we continue the Committee's efforts toward comprehensive tax reform," Rep. Boustany said in the release. "In both cases the goal is the same — to ensure that the tax-exempt sector is operating in an efficient manner and that the laws governing tax-exempt organizations are being applied fairly and evenly."
Rep. Boustany, chairman of the Oversight Subcommittee of the House Ways and Means Committee, said the hearing will take place Wednesday and will be the first in a series of hearings held by the Oversight Subcommittee on the tax-exempt sector and IRS oversight of tax-exempt activities.
As of 2008, there were 1.18 million tax-exempt organizations under section 501(c)(3), which includes hospitals. Non-profit hospitals currently fill out the Form 990, which was revised for the 2011 tax year. Hospitals must now report their financial assistance benefits and the amount of free and discounted care for indigent patients on the Form 990.
"This review allows us to examine the state of the tax-exempt sector, as it currently exists today and consider this information as we continue the Committee's efforts toward comprehensive tax reform," Rep. Boustany said in the release. "In both cases the goal is the same — to ensure that the tax-exempt sector is operating in an efficient manner and that the laws governing tax-exempt organizations are being applied fairly and evenly."
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