Demonstrating that hospital finances and billing practices continue to be of interest to federal lawmakers, on August 7, a group of bipartisan senators sent letters to the Internal Revenue Service (IRS) and the Treasury Inspector General for Tax Administration (TIGTA) questioning the oversight of nonprofit hospitals. Sens. Elizabeth Warren (D-MA), Chuck Grassley (R-IA), Raphael Warnock … Continue Reading
In recent weeks, we’ve highlighted provisions of the House and Senate tax bills that impact tax-exempt bonds. However, the bills contain other provisions which may have a significant impact on tax-exempt organizations, including hospitals and other tax-exempt health care providers. Specifically, provisions in the bills regarding charitable giving, tax-favored financing, governance and compensation, political activity, unrelated … Continue Reading
Last week, our tax experts summarized certain provisions of the House tax reform bill which would affect the exclusion from gross income of interest on tax-exempt bonds. This week, we summarize the Senate’s version of the bill which, in contrast, makes no changes to the existing provisions of the Internal Revenue Code that permit the issuance of certain … Continue Reading
The House Committee on Ways and Means has released the first draft of the federal tax reform bill. This bill, if adopted, would profoundly affect the exclusion from gross income of interest on tax-exempt bonds. Our public finance and tax experts have prepared a detailed summary for our Public Finance Tax blog. A link to … Continue Reading
On August 22, 2016, the IRS released new safe harbors from private business use of tax-exempt bond-financed facilities for management contracts that substantially change the prior safe harbors under Rev. Proc. 97-13. The new revenue procedure, Rev. Proc. 2016-44, provides more flexibility and appears to be more favorable than Rev. Proc 97-13. The new safe harbors … Continue Reading
