Do you have an employment agreement? Should you have an employment agreement? We are often asked whether founders need written employment agreements with their companies. Every company's culture is different. Often founders...more
6/7/2024
/ At-Will Employment ,
Contract Negotiations ,
Employees ,
Employment Contract ,
Entrepreneurs ,
Investors ,
Non-Compete Agreements ,
Non-Solicitation Agreements ,
Pre-Employment Agreements ,
Restrictive Covenants ,
Vesting
Many founders are familiar with tax-exempt charitable organizations. These nonprofit entities—which are commonly known by reference to Section 501(c)(3) of the Internal Revenue Code—are operated exclusively for a broad range...more
The New York State Education Department (“SED”) has proposed an amendment to Title 8, Section 3.59 of the Rules of the Board of Regents that would clarify how a New York State institution of higher education (an “IHE”) might...more
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
Most founders are familiar with Section 1202 of the Internal Revenue Code, which provides a tax exemption for the sale of Qualified Small Business Stock (QSBS). Less well known is Section 1202's cousin, Section 1045, which...more
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
On August 14, 2023, the Committee on Ways and Means of the United States House of Representatives (the “Committee”) issued an open letter (the “RFI”) entitled “Request for Information: Understanding and Examining the...more
The menu of tax planning options for founders includes many strategies designed to minimize income taxes upon liquidity events and to provide for wealth preservation across multiple generations. To achieve those benefits,...more
The ability to receive an income tax deduction for donations of private company stock can be a useful tax planning tool for founders. Assuming the stock has been held for more than one year, a founder can generally deduct the...more
In published guidance, the IRS has confirmed that a “qualified appraisal” is required if a donor of cryptocurrency is claiming an income tax charitable deduction greater than $5,000. This position, set forth in Chief Counsel...more
On December 20, 2022, the United States Department of Treasury’s Office of Foreign Assets Control (“OFAC”) announced the amendment of multiple regulations to add or revise certain general licenses across OFAC sanctions...more
For several years, New York’s Not-for-Profit Corporation Law (the “N-PCL”) has required some organizations to have policies protecting whistleblowing directors, officers, employees, volunteers and certain “key persons” from...more
In connection with the war in Ukraine, the United States has significantly enhanced its sanctions against the Russian Federation. However, the Department of the Treasury’s Office of Foreign Asset Control (“OFAC”) recently...more
Start-up and early stage companies commonly offer equity compensation to attract talent, encourage employee retention, and align company and employee interests on business objectives. There are several different types of equity...more
Estate planning strategies for founders are typically focused on saving both income taxes and estate taxes. Income tax savings can be achieved by creating and funding multiple trusts with company stock that duplicate any...more
On June 9, 2021, United States Senators Angus King (Ind.-MA) and Charles Grassley (R-IA) announced plans to introduce the “Accelerating Charitable Efforts Act” or the “ACE Act” (the “Act”) which, if adopted, would implement...more
On April 6, 2020, the Small Business Administration (the “SBA”) in consultation with the Department of the Treasury released additional guidance reflecting the implementation of the Paycheck Protection Program (“PPP”) of the...more
The newly enacted Coronavirus Aid, Relief, and Economic Security Act (commonly known as the “CARES Act”) offers a wide range of benefits and incentives to help businesses weather the economic downturn caused by COVID-19. ...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
The Internal Revenue Service (the “IRS”) has issued Notice 2017-73 (the “Notice”) which outlines approaches the Department of the Treasury (“Treasury”) and the IRS are considering with respect to the regulation of certain...more
12/8/2017
/ 501(c)(3) ,
Charitable Donations ,
Charitable Organizations ,
Compensation & Benefits ,
Distribution Rules ,
Donor-Advised Funds (DAFs) ,
Internal Revenue Code (IRC) ,
IRS ,
Philanthropy ,
Private Foundations ,
U.S. Treasury
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
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 “Bill”). At over four hundred pages, the Bill promises substantial changes to the Internal...more
11/8/2017
/ Adjusted Gross Income ,
Charitable Deductions ,
Charitable Donations ,
Charitable Organizations ,
Churches ,
Compensation & Benefits ,
Donor-Advised Funds (DAFs) ,
Employee Housing ,
Executive Compensation ,
Internal Revenue Code (IRC) ,
IRS ,
Museums ,
Philanthropy ,
Political Campaigns ,
Political Contributions ,
Private Foundations ,
Proposed Legislation ,
Religious Institutions ,
Tax Code ,
Tax Exempt Entities ,
Tax Rates ,
Tax Reform ,
Tax-Exempt Bonds ,
Trump Administration ,
Tuition
Last year, we posted about amendments to the New York Not-for-Profit Corporation Law (the “NPCL”) and the New York Estates, Powers and Trusts Law (the “EPTL”). As we noted, the amendments were signed into law last year and...more
Recently, the International Organization for Standardization (ISO) adopted a new set of standards, designated as ISO 37001, to assist organizations in their ongoing fight against bribery. As a result of recent increases in...more
Signed into law in 2013, the New York Non-Profit Revitalization Act is designed to reform the statutory requirements for governance of nonprofit organizations (both not-for-profit corporations and wholly charitable trusts),...more