TAX POLICY CLIENT ALERT: IRS Halts Gift Tax Examinations on Contributions to Section 501(c)(4) Organizations- July 7, 2011

    View Author 7 July 2011
    In a memorandum dated July 7, 2011, the Internal Revenue Service’s Deputy Commissioner for Services and Enforcement instructed that audits relating to the application of gift tax to contributions to section 501(c)(4) organizations be closed and that no new audits should be initiated unless and until further guidance issued. The IRS has indicated that any future action would be prospective and after notice to the public.