Business Organization, Nonprofit Law, Tax Law

Spotlight on Georgia: Certain Interesting Tax Developments

by Baker, Donelson, Bearman, Caldwell &... on 5/13/2013

As in past years, there have been numerous interesting tax-related developments over the last 12 months in the state of Georgia. Just a few of these recent developments are summarized below...more

Five Years in the Making - IRS Releases Findings from Colleges and Universities Compliance Project

by Tyrone Thomas | Mintz Levin - Employment, Labor & Benefits on 5/13/2013

The IRS announced it is nearing completion of a five year long compliance project involving tax-exempt colleges and universities. The project, which began with questionnaires to 400 randomly-selected institutions, focused on...more

Internet Fundraising for Tax-Exempt Organizations

by Jamie Bowles | Proskauer - Not for Profit/Exempt... on 5/9/2013

The IRS recently released an Information Letter, written in response to a congressman’s inquiry about an unidentified charity’s unidentified practices, confirming that Section 501(c)(3) organizations may use the internet to...more

Regulatory Focus on Colleges and Universities Is Increasing

by Marla K. Conley | Schnader Harrison Segal & Lewis LLP on 5/8/2013

In the last two weeks, both the IRS and Congressional officials announced major milestones in the increasing regulatory focus on colleges and universities. First, the IRS emphasized misreported taxable income and...more

IRS Issues Proposed Regulations on the New Community Health Needs Assessments Required for Charitable Hospitals

by Judd Harwood, Evelyn McKinney | Bradley Arant Boult Cummings LLP on 4/25/2013

On April 5, 2013, the Internal Revenue Service published proposed regulations (Proposed Regulations) in the Federal Register that provide guidance to charitable hospital organizations on the community health needs assessment...more

State Regulation of Nonprofit Organizations: Everything You Need to Know about Required State Filings for Your Nonprofit...

by Kristalyn Loson | Venable LLP on 4/24/2013

In This Presentation: - Incorporation/Annual Corporate Reporting - Foreign Corporation Authorization/Reporting - State Tax - Registration and Reporting - Charitable Solicitation...more

How to turn your LLC or S Corp. into a C Corp. with a Tax-Free Reorganization

by The R. Bernard Law Group on 4/16/2013

By now most entrepreneurs who have sought or will seek venture funding have learned that venture capitalists typically prefer to invest in C Corporations and will not invest in pass through entities such as a limited...more

IRS Probes Organizations That Self-Declare Tax-Exempt Status

by Douglas K. Anning, Virginia C. Gross, Bruce Hopkins, Lauren K. Mack, Thomas J. Schenkelberg | Polsinelli on 4/15/2013

On March 21, Lois Lerner, the Director of the Exempt Organizations Division of the Internal Revenue Service, announced an IRS investigation of organizations that self-declare rather than apply to the IRS for recognition of...more

New Guidance for Tax-Exempt Hospitals on Community Health Needs Assessment and Other Section 501(r) Requirements

by Ropes & Gray LLP on 4/10/2013

On April 5, the Treasury Department released proposed regulations that provide guidance on the community health needs assessment (“CHNA”) and other requirements for tax-exempt hospitals under section 501(r) of the Internal...more

Business Formations and Taxation

by Oserogho & Associates on 3/24/2013

COMPANY FORMATION In Nigeria, the most common form of business formation and registration is a registered company. Under Nigerian Law, a company is a voluntary association of a number of persons united to carry on a...more

Recent Developments and Trends for Exempt Organizations

by Ropes & Gray LLP on 3/18/2013

2012 was a busy year for the IRS with respect to tax-exempt organizations and 2013 promises more of the same. While the effects of the budget sequester on the IRS regulation writers and auditors is uncertain, we anticipate...more

IRS Denials of Tax-Exempt Status to Mortgage Foreclosure Assistance Providers Offer Lessons for Housing Counseling Agencies

by George Constantine, Matthew Journy, Jonathan L. Pompan, Jeffrey S. Tenenbaum | Venable LLP on 3/12/2013

The Internal Revenue Service (IRS) is preparing an industry-wide review of tax-exempt organizations that are engaged in mortgage foreclosure assistance, including housing counseling agencies (the “compliance project”). In...more

Why Employers Should Plan Now for Obamacare

by Joe Conley on 2/18/2013

Beginning in 2014, large employers will be subject to a potential tax penalty under the “shared responsibility” provisions of the Affordable Care Act’ (“ACA” or “Obamacare”). This is commonly known as the “play or pay”...more

Nonprofit Notes - Issue 3 | January 2013

by Skadden, Arps, Slate, Meagher & Flom LLP on 1/29/2013

In This Issue: - Raising Funds Without Raising Problems - IRS Issues Clarification Regarding Contributions to Single-Member LLCs - Appellate Decisions Impact NY Nonprofit Chapter Organizations - The...more

IRS Issues Final and Temporary Regulations on Supporting Organizations

by Proskauer - Not for Profit/Exempt... on 1/10/2013

Many practitioners have been anxious to leaf through regulations to confidently determine whether an organization is a “functionally integrated” or “non-functionally integrated” Type III supporting organization, and the...more

How to Effectively Manage Conflicts of Interest for Nonprofit Organizations

by James L. Catanzaro, Jr. | Chambliss, Bahner & Stophel, P.C. on 1/9/2013

Effectively managing conflicts has become even more important for nonprofit organizations. Under state law it has historically been necessary for directors and officers to address conflict issues to fulfill their fiduciary...more

IRS Issues Regulations on Type III Supporting Organizations

by Ropes & Gray LLP on 1/7/2013

Effective December 28, 2012, the IRS published final regulations on the qualification requirements for “Type III” supporting organizations (SOs), and issued temporary regulations that establish a payout requirement for...more

The American Taxpayer Relief Act of 2012: Stealth Impact on Charities

by Elizabeth Mills | Proskauer - Not for Profit/Exempt... on 1/5/2013

The American Taxpayer Relief Act of 2012 (“TRA”) (H.R. 8) passed by the Senate on January 1, 2013, passed by the House of Representatives early on January 2, 2013 and signed by President Obama, in large part addresses income...more

Preparing for the 3.8% Medicare Surtax on Net Investment Income

by Neal A. Hudders, Mel Wheaton | Perkins Coie on 11/14/2012

The Patient Protection and Affordable Care Act of 2010 (Affordable Care Act) institutes a new 3.8 percent Medicare surtax on net investment income effective January 1, 2013. In addition, absent congressional action to extend...more

IRS Releases Group Exemption Questionnaire as Part of Compliance Check Initiative

by Venable LLP on 10/30/2012

The IRS has recently issued an extensive questionnaire, available below, aimed at understanding how associations, charities and other federally tax-exempt organizations that hold a group exemption ruling oversee their...more

IRS Selects More than 2,000 Central Organizations for Questioning about Group Exemptions

by Polsinelli on 10/24/2012

The IRS has randomly selected over 2,000 central organizations for questioning about the subordinate organizations included in their group exemptions. The IRS is sending questionnaires to these central organizations, which...more

Official Confirms IRS Review of Community Benefit Compliance by 3,377 Hospitals

by Proskauer - Not for Profit/Exempt... on 10/19/2012

An IRS official confirmed, while speaking at an American Health Lawyers Association conference on October 16th, that the IRS has identified 3,377 tax-exempt hospitals that are being reviewed for compliance with the tax...more

The Next Generation of Nonprofit Executive Compensation: The Keys to Withstanding IRS Scrutiny

by Venable LLP on 10/11/2012

In this presentation: - Explain the consequences of excessive executive compensation - Explain how organizations can protect themselves - Rebuttable Presumption of Reasonableness - Non-Fixed Compensation -...more

IRS Issues Proposed Regulations To Make International Grant-Making By Private Foundations Easier

by Sheppard Mullin Richter & Hampton LLP on 10/2/2012

On September 24, 2012, the IRS issued Proposed Regulations §§ 53.4942(a)-3 and 53.4945-5 in order to reduce barriers to international grant-making made by private foundations. Secretary of State Hilary Clinton announced the...more

IRS Issues New Regulations to Facilitate Foreign Grantmaking

by Morgan Lewis on 9/27/2012

New rules expand the class of tax practitioners qualified to issue good-faith determinations regarding foreign-grantee equivalency; IRS seeks comments on further amendments to current regulations....more

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Business Organization › Nonprofit Law › Tax Law