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ACT Committee To Submit Recommendations at June IRS Meeting

by Mike Godfrey, for LawAndTax-News.com, Washington

27 May 2009

The Internal Revenue Service’s Advisory Committee on Tax Exempt and Government Entities (ACT) will hold a public meeting on June 10, when the panel will submit its latest round of recommendations to senior IRS executives.

Ten newly named members of the panel will also be introduced at the public meeting. They will begin two-year terms and join 11 returning members.

The ACT includes external stakeholders and representatives who deal with employee retirement plans, tax-exempt organizations, tax-exempt bonds and federal, state, local and Indian tribal governments.

ACT members are appointed by the Secretary of the Treasury and generally serve two-year terms. They advise the IRS on operational policies and procedures.

At the public meeting, four ACT project teams will present the following four reports that include recommendations:

  • Exempt Organizations: Recommendations to Improve the Tax Rules Governing International Grant Making;
  • International Pension Issues in a Global Economy: A Survey and Assessment of the IRS’ Role in Breaking Down Barriers;
  • Record Retention Requirements for Tax-Exempt Bonds and Tax Credit Bonds: A Specific Proposal for Published Guidance; and
  • Federal-State-Local Government Compliance Verification Checklist for Public Employers

The ACT was established in 2001 under the Federal Advisory Committee Act to provide an organized public forum for discussion of relevant issues affecting the tax exempt and government entities communities.

The ACT’s public meeting will begin at 10 a.m. on June 10, 2009, at the IRS headquarters in Washington, D.C.

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