IRS Nears Finish Line for Nonprofit Income Reporting Rules (Corrected)

The IRS is nearly done with proposed rules that require nonprofits to report income streams separately, an agency official said.

The agency is “getting very close to the finish line,” Stephanie Robbins, an IRS attorney, said Friday at a TEGE Exempt Organizations Council conference.

The 2017 tax law required nonprofits to separately report each flow of income unrelated to their main purpose. Prior to the overhaul, tax exempt organizations could group income from things like basketball tickets, rental property, and corporate partnerships all in one bucket.

Robbins said the process should be faster going forward.

“Once the proposed reg ...