Recently, the IRS updated its priority guidance plan for 2009-2010, which gives tax-exempt organizations some indication of where the IRS intends to focus its efforts over the coming year. The list includes additional guidance for deferred compensation plans of tax-exempt organizations; regulations addressing the application of the look-back interest rules to certain pass-through entities with tax-exempt owners; and regulations regarding interest on tax overpayments by tax-exempt organizations.

The IRS has also announced it plans to conduct a three-year research study on all organizations, for-profit and nonprofit employment tax compliance beginning in February. The study will allow the IRS to gauge more accurately the extent to which businesses properly comply with employment tax law and related reporting requirements.