Procedures for hospital organizations to follow so that certain failures to meet the requirements of § 501(r) of the Code will be excused for purposes of § 501(r)(1) and 501(r)(2)(B).
Procedures for hospital organizations to follow so that certain failures to meet the requirements of § 501(r) of the Code will be excused for purposes of § 501(r)(1) and 501(r)(2)(B).
New collection (Request for a new OMB Control Number)
Treasury/IRS will resubmit this collection as an emergency revision to 1545-0047.
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Section 9007 of the Patient Protection and Affordable Care Act, Public Law 111-148 (124 Stat. 119 (2010)), enacted § 501(r), which imposes additional requirements on charitable hospital organizations. Section 501(r)(1) provides that a hospital organization described in § 501(r)(2) will not be treated as described in § 501(c)(3) unless the organization meets the requirements of § 501(r)(3) through (r)(6).
Section 7.01 of this document describe the information that must be disclosed and requires all disclosure to be made on the Form 990. The estimated reporting burden associated with reporting the information described in section 7.01 on the Form 990 will be included in the burden for the Form 990 and reported under OMB control number 1545-0047. Section 7.02 applies only to hospital organizations that are not required to file Form 990 and permits such organizations to disclose the information described in section 7.01 on a Web site rather than on a Form 990. The burden associated under this approval is for those organizations not required to file Form 990.
The statutory requirements of § 501(r) (except for § 501(r)(3)) apply to taxable years beginning after March 23, 2010. Section 501(r)(3) applies to taxable years beginning after March 23, 2012.
On December 29, 2014, the Department of the Treasury (âTreasury Departmentâ) and the Internal Revenue Service (âIRSâ) released final regulations (TD 9708) that contain guidance on the requirements of § 501(r)(3) through (r)(6) and the consequences for failing to meet any of the § 501(r) requirements. This an emergency submission which needs approval in a shorter timeframe than the normal PRA process in order to implement the revenue procedure guidelines that which is effective upon release and are a needed in order to issuance guidance regarding correction and disclosure procedures for hospital organizations to follow so that certain failures to meet the requirements of § 501(r) of the Internal Revenue Code will be excused for purposes of § 501(r)(1) and 501(r)(2)(B). Failure to provide this guidance could prevent not-for-profit hospital organizations from maintaining or being treated as described in section 501(c)(3) of the tax Code.
US Code:
26 USC 7805
Name of Law: Rules and regulations
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Supporting_Statement.docx
RP 2015-xx