Attention Treasurers and Bookkeepers: The Internal Revenue Service (IRS) has issued a new regulation requiring organizations, including churches, to notify the IRS of changes to an organization’s “Responsible Party” (the individual who has direct or indirect authority over the organization and its assets). Review this document for more information.
Although there are no direct penalties for failure to comply, if the organization does not provide the name and address of the Responsible Party, it may not receive notifications from the IRS such as a notice of tax deficiency or notice of demand for tax which, in turn, may result in penalties and interest accruals on any tax deficiencies.
If you have questions or concerns, please contact the ELCA Office of the Secretary at 800-638-3522, ext.2900 or otinfo@elca.org.
