The U.S. House Ways and Means Subcommittee on Oversight on Thursday held a second in a series of hearings on tax-exempt organizations, according to an AHA News Now report.
Thursday's hearing was on public charity organizational structures and the rules governing profit-generating activities. Up for debate is whether the recently redesigned Form 990 actually promotes increased compliance and transparency.
The chairman of the subcommittee noted the need to continue review of the tax-exempt sector given its size and scale — public charities had $2.5 trillion in assets in 2008.
Witnesses discussed how regulations imposed on tax-exempt organizations are a major factor for an increase in structural complexity of public charities. Additionally, witnesses at the hearing said the Form 990 is too complex, according to the report.
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Thursday's hearing was on public charity organizational structures and the rules governing profit-generating activities. Up for debate is whether the recently redesigned Form 990 actually promotes increased compliance and transparency.
The chairman of the subcommittee noted the need to continue review of the tax-exempt sector given its size and scale — public charities had $2.5 trillion in assets in 2008.
Witnesses discussed how regulations imposed on tax-exempt organizations are a major factor for an increase in structural complexity of public charities. Additionally, witnesses at the hearing said the Form 990 is too complex, according to the report.
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