This article provides Corporate Transparency Act (CTA) guidance to tax-exempt organizations with subsidiaries. For a general overview of CTA compliance for nonprofit and tax-exempt organizations, please see Part 1: When to...more
The Corporate Transparency Act (CTA) took effect on January 1, 2024 and some U.S. nonprofits and tax-exempt organizations are still debating how the CTA applies to them. This article provides newly-formed and existing...more
Since the enactment of the unrelated business income tax in 1950, section 512(b)(6)[1] and its predecessor allowed organizations subject to the unrelated business income tax (UBIT) to use the net operating loss (NOL)...more
The Federal Reserve Board (the “Fed”) recently released additional changes relating to the expansion of its Main Street Lending Program (the “Main Street Program”), which originally targeted small and medium-sized for-profit...more
With the COVID-19 pandemic now a presidentially-declared national emergency—and for this purpose a “qualified disaster”—employers nationwide have several options available for providing employees and their families in need...more
The Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) became law on March 27, 2020, and is designed to assist nearly every facet of the American economy, including the charitable sector. One highlight is the...more
4/7/2020
/ Business Closures ,
Business Interruption ,
CARES Act ,
Charitable Organizations ,
Coronavirus/COVID-19 ,
Department of Health and Human Services (HHS) ,
Financial Stimulus ,
Nonprofits ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business
The Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) that became law on March 27, 2020 provides several enhanced tax incentives for charitable giving in 2020 (and beyond) by individuals and corporations. ...more
Seyfarth is actively monitoring all aspects of federal legislation impacting our corporate clients based on COVID-19 business stimulus funding. We expect there to be rolling updates to these provisions based on programs yet...more
Does a manufacturing facility need money to rapidly convert its operations to produce critical parts for respirators, or protective gear for health care workers?...more
Good news to close out the year: The “Further Consolidated Appropriations Act, 2020” (H.R. 1865 - the “2020 Act”) retroactively repeals the much maligned tax on qualified transportation fringe benefits (the so-called “church...more
At long last, tax-exempt schools, colleges, and universities can stop paying newspapers to annually publish their nondiscrimination policies, and instead satisfy the IRS publicity requirement by posting the policy on their...more
Two recent Treasury Notices provide interim guidance to nonprofits trying to calculate (or seeking to avoid) the tax they may have to pay for the provision of certain parking and public transit benefits to their employees,...more
A three-judge panel of the Ninth Circuit Court of Appeals recently upheld the position of the California Attorney General (AG) that charities located or doing business in California must provide a copy of their unredacted...more
In the past decade or so, the competition for executive talent in the tax-exempt sector of the United States economy has increased. Executives seldom begin and end their careers with the same organization and there is...more
8/13/2018
/ 501(c)(3) ,
Compensation & Benefits ,
Corporate Taxes ,
Educational Institutions ,
Excise Tax ,
Executive Compensation ,
Healthcare Facilities ,
Income Taxes ,
Remuneration ,
Tax Exempt Entities ,
Tax Liability ,
Tax Planning
The “Bipartisan Budget Act of 2018” added the “Newman’s Own” exception to the private foundation excess business holdings rule, allowing business owners to make a charitable contribution of 100% of a business to their private...more
The 2017 “Tax Cuts and Jobs Act” impacts tax-exempt organizations in a variety of ways, including by reducing incentives for charitable giving, applying an excise tax on executive compensation in excess of $1 million per...more
12/26/2017
/ Charitable Donations ,
Charitable Organizations ,
Compensation & Benefits ,
Corporate Taxes ,
Excise Tax ,
Executive Compensation ,
Fringe Benefits ,
Generation-Skipping Transfer ,
Income Taxes ,
Net Operating Losses ,
New Legislation ,
Popular ,
Remuneration ,
Tax Deductions ,
Tax Exempt Entities ,
Tax Rates ,
Tax Reform ,
Trump Administration ,
UBTI
Final Regulations Highlight the Broad Range of Available PRI Purposes, Recipients and Financial Structures -
Final program related investment (PRI) regulations released and effective on April 25, 2016 illustrate the...more
Donor information is expected to remain confidential.
With an apparent thumbs up from the U.S. Supreme Court, the Ninth Circuit Court of Appeals once again upheld the position of the California Attorney General (AG)...more
If your company is a nonprofit or has a nonprofit foundation, are you covered if something happens to your volunteers while they’re engaged in service to your organization?
The concern is real. There were 287 fatal...more
Unwelcome news for charities concerned with donor confidentiality -
A recent court ruling upheld the position of the California Attorney General (AG) requiring that charities located or operating in California provide a...more
6/2/2015
/ Annual Reports ,
Attorney General ,
Charitable Organizations ,
Confidential Information ,
Disclosure Requirements ,
Donor Lists ,
Foreign Corporations ,
Form 990 ,
IRS ,
Out-of-State Companies ,
Registration Requirement ,
Tax Exempt Entities