Recent bills in the U.S. House of Representatives and Senate demonstrate legislators’ concerns about several issues related to nonprofits, including: (1) admissions practices at institutions of higher education; (2)...more
1/26/2024
/ Charitable Deductions ,
Colleges ,
Disclosure Requirements ,
Educational Institutions ,
Excise Tax ,
IRS ,
Legislative Agendas ,
Nonprofits ,
Proposed Legislation ,
Sports ,
Tax Exemptions ,
Universities
Since the enactment of the statutory donor-advised fund (“DAF”) rules under the Pension Protection Act of 2006, sponsoring organizations that manage DAF programs have relied on the Internal Revenue Code (“IRC” or the “Code”)...more
Proposals to significantly change the rules surrounding donor advised funds (“DAFs”) and private foundations have been introduced in the House of Representatives. The Accelerating Charitable Efforts Act (the “Act”), which...more
Just in time for the holidays, Congress gave two gifts to tax-exempt organizations as part of the new government funding bill signed into law on December 20, 2019....more
As we previously reported, the Tax Cuts and Jobs Act, which was signed into law at the end of 2017, imposes an excise tax on certain tax-exempt organizations equivalent to 21% of “excess compensation” (including certain...more
As we previously reported, the 2017 tax reform bill instituted an excise tax on the investment income of certain private colleges and universities under new Section 4968 of the Internal Revenue Code (the “Code”). ...more
A last minute addition to the budget appropriations bill enacted by Congress this month has created new opportunities for philanthropic planning. Section 41110 of the bill creates a limited exception from the private...more
After a short period of deliberations by the House of Representatives (the “House”) and the Senate, President Trump signed the final version of H.R. 1 into Public Law No. 115-97 on December 22, 2017 (the “New Law”). The New...more
1/18/2018
/ Charitable Donations ,
Charitable Organizations ,
Compensation & Benefits ,
Corporate Taxes ,
Excise Tax ,
Executive Compensation ,
Fringe Benefits ,
Income Taxes ,
New Legislation ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Exempt Entities ,
Tax Rates ,
Tax Reform ,
Trump Administration
On November 2, 2017, House Ways and Means Committee Chairman Kevin Brady (R-TX) introduced H.R. 1, the “Tax Cuts and Jobs Act” (the “Initial House Bill”). Our previous alert discussed the possible impact of certain provisions...more
12/4/2017
/ 501(c)(3) ,
Educational Institutions ,
Excise Tax ,
Executive Compensation ,
Income Taxes ,
Johnson Controls ,
Legislative Agendas ,
Political Campaigns ,
Proposed Legislation ,
Royalties ,
Tax Deductions ,
Tax Exempt Entities ,
Tax Rates ,
Tax Reform ,
Trump Administration ,
UBIT
The 2016 U.S. presidential campaign has reached a fevered pitch, with a little over a month remaining before Election Day. After Monday’s debate between Hillary Clinton and Donald Trump, the stakes are high and the American...more
9/30/2016
/ 501(c)(3) ,
Employee Training ,
Excise Tax ,
Facebook ,
Political Campaigns ,
Political Expression ,
Presidential Elections ,
Public Charities ,
Snapchat ,
Social Media ,
Tax Exempt Entities ,
Twitter
The end of the year brings a flood of gifts and grants to public charities, as well as perennial questions about how the donor will benefit in return.
As a general matter, individual donors may receive “benefits” in...more