Welcome to the inaugural edition of The Real Impact. In this edition, we discuss three strategic alternatives to consider for nonprofit integration and insights on the proposed regulations on donor advised funds. Guest author...more
Welcome to the spring edition of Legacy Matters, Nutter’s private wealth and nonprofit newsletter focusing on estate planning and philanthropy topics. In this issue, we analyze charitable deductions and required recordkeeping...more
4/5/2024
/ Charitable Deductions ,
Charitable Donations ,
Estate Planning ,
High Net-Worth ,
Internal Revenue Code (IRC) ,
IRS ,
Private Foundations ,
Recordkeeping Requirements ,
Scholarships ,
Tax Planning ,
Wealth Management
Welcome to the first edition of Legacy Matters, Nutter’s private wealth and nonprofit newsletter focusing on estate planning and philanthropy topics.
...more
11/13/2023
/ Charitable Donations ,
Corporate Transparency Act ,
Donations ,
Estate Planning ,
Estate Tax ,
Filing Deadlines ,
Gifts ,
High Net-Worth ,
Income Taxes ,
Private Foundations ,
Tax Planning ,
Tax Relief ,
Wealth Management
As 2022 came to a close along with Governor-Elect Healey’s term as Attorney General of Massachusetts, the Office of the Attorney General published an updated Guide for Board Members of Charitable Organizations (the “Guide”)....more
On November 8, 2022, Massachusetts voters approved an amendment to the Massachusetts Constitution imposing, effective January 1, 2023, a surtax of 4% on an individual’s annual taxable income to the extent it exceeds $1...more
The Massachusetts legislature, overriding Governor Baker’s prior veto, has voted to enact a new elective pass-through entity (“PTE”) tax designed as a way for PTE owners to get out from under the $10,000 cap ($5,000 for...more
The IRS issued Notice 2021-49 (the “Notice”) on August 4, 2021 to provide additional guidance on the Employee Retention Tax Credit (“ERTC”) applicable to the third and fourth quarters of 2021....more
If you filed your 2020 tax return prior to December 27, 2020 when the Consolidated Appropriations Act of 2021 (the “CAA”) was enacted and therefore did not deduct certain expenses due to your Paycheck Protection Program...more
Congress has passed the long-awaited bipartisan stimulus package on December 21, 2020 which is expected to be signed by the President. Included in this package are significant changes to the existing Paycheck Protection...more
On August 8, 2020, President Trump issued an executive action directing the Secretary of the Treasury to use the Secretary’s authority under Section 7508A of the Internal Revenue Code of 1986, as amended (the “Code”), which...more
With the time period for processing a Paycheck Protection Program (PPP) loan with the SBA ending on June 30, borrowers are now focused on the process of applying for loan forgiveness. On June 25, we were joined by SBA Deputy...more
On May 28, 2020, the Internal Revenue Service released Notice 2020-35, providing additional administrative relief with respect to certain employment taxes, employee benefit plans, exempt organizations, individual retirement...more
On May 22, 2020, the Treasury Department and SBA issued two new Interim Final Rules applicable to the Paycheck Protection Program (PPP), one primarily focused on details related to the forgiveness calculation and one...more
On May 15, the SBA released its standard application that borrowers must complete to receive partial or full forgiveness for loans issued pursuant to the Paycheck Protection Program (PPP). Consequently, we have substantially...more
Massachusetts nonprofit organizations should take note of three actions taken by Massachusetts governmental bodies in April 2020 to assist them in operating during the current COVID-19 pandemic and beyond. These actions...more
With the spate of high-profile companies receiving public backlash after obtaining loan proceeds from the Paycheck Protection Program (PPP), on April 23 the SBA added item #31 (followed by item #37 on April 28) to its...more
The Small Business Administration (SBA) has issued supplemental guidance to clarify that faith-based organizations, including houses of worship, are eligible to receive SBA loans under the Coronavirus Aid, Relief, and...more
Employers across the United States continue to respond to and implement guidance from public health authorities to mitigate the spread of COVID-19. Both the rapid spread of the virus and the prolonged incubation period...more
3/23/2020
/ Americans with Disabilities Act (ADA) ,
Coronavirus/COVID-19 ,
Department of Labor (DOL) ,
Emergency Response ,
Equal Employment Opportunity Commission (EEOC) ,
Family and Medical Leave Act (FMLA) ,
Paid Leave ,
Sick Employees ,
Sick Leave ,
State of Emergency ,
Virus Testing ,
Wage and Hour ,
WARN Act
COVID-19 is presenting novel challenges for employers across the globe. Last week, we issued a general advisory that provides guidance to employers on how to navigate these challenges. One issue facing employers is how to...more
The Tax Cuts and Jobs Act of 2017 (“TCJA”) established a program to provide preferential tax treatment for new investments made after December 31, 2017 in certain tracts of land in economically-distressed communities, known...more
4/23/2019
/ Capital Gains ,
Community Development ,
Internal Revenue Code (IRC) ,
IRS ,
Opportunity Zones ,
Proposed Regulation ,
Real Estate Development ,
Real Estate Investments ,
Safe Harbors ,
Tax Cuts and Jobs Act ,
Tax Deferral ,
U.S. Treasury
Q: Why did the Tax Cuts and Jobs Act of 2017 create the “Opportunity Zones” provision?
A: Qualified Opportunity Zones are low income census tracts nominated by governors and designated by the U.S. Treasury Department. The...more
The Tax Cuts and Jobs Act of 2017 (“TCJA”), enacted in December 2017, now allows investors to delay including capital gains from various investments in income by reinvesting those gains into so-called Qualified Opportunity...more
On December 22, 2017, President Trump signed into law legislation, known as the Tax Cuts and Jobs Act (“TCJA”), which is the most extensive overhaul of the United States Internal Revenue Code (the “Code”) in 30 years. In...more
4/2/2018
/ Alternative Minimum Tax ,
Charitable Donations ,
Colleges ,
Corporate Taxes ,
Excise Tax ,
Executive Compensation ,
Exempt Organizations ,
Nonprofits ,
Tax Cuts and Jobs Act ,
Trump Administration ,
UBTI ,
Universities
Collaborations between charitable organizations and for-profit businesses to simultaneously promote a cause and raise funds for the charity have been demonstrably successful and are occurring with increasing frequency. When...more