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Year-End Tax Planning with Tax Credit-Funded Scholarships

The Alabama Accountability Act provides state income tax credits to certain donors who make contributions to a state-approved scholarship granting organization (SGO). Alabama’s neediest school children can be helped at little...more

Benefit Corporations May Expense Payments to Charities

In a General Information Letter addressing the tax treatment of benefit corporations, the Internal Revenue Service (IRS) stated that a taxable benefit corporation may deduct payments to charities as business expenses (and...more

Teaming Sports Stars, Good Causes Great – But Know the Rules

Many sports figures have created nonprofit organizations to raise funds for a cause close to their hearts. But the reality is that athletes’ foundations aren’t always successful in raising money for charity. This article...more

Program Related Investments: Final Regulations

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

Breaking News: PRI Examples Are Finalized, with Improvements

Yesterday, Treasury and the Internal Revenue Service (IRS) finalized the regulations describing nine new program-related investment (PRI) examples that were first proposed on April 19, 2012. The final regulations incorporate...more

Brazil: newly issued regulations from tax authorities on the tax and currency exchange voluntary disclosure and amnesty program

This article is aimed at assisting Brazilian tax residents, mainly individuals, interested in learning more about the current tax and currency exchange voluntary disclosure and amnesty program (RERCT) established in Law No....more

IRS Regulatory Guidance for Supporting Organizations

The Pension Protection Act of 2006 made significant changes to the rules applicable to supporting organizations, and in particular Type III supporting organizations. The latest regulatory guidance from the IRS continues the...more

Shelf Registration Extended Offering Period: Ready for the Municipal Marketplace?

Recently, a significant municipal issuer entered the market with its first sale under a $1 billion borrowing program that will use an offering statement style novel to the municipal market. For years, issuers of traditional...more

Treasury Green Book Proposals — Private Foundations

The Department of the Treasury has released the Treasury Green Book for Fiscal Year 2017, which provides explanations of the President’s budget proposals. One such proposal (remember…these are just proposals, not actual...more

Proposed Regulations Issued for Supporting Organizations

On February 19, 2016, the IRS and Treasury Department issued proposed regulations regarding (i) prohibitions on certain contributions to Type I and Type III supporting organizations and (ii) requirements for Type III...more

IRS Releases Proposed Regulations Defining a “Political Subdivision” For Purposes of Determining Eligibility to Issue Tax-Exempt...

On February 22, 2016, the Internal Revenue Service (the “IRS”) released proposed treasury regulations (the “Proposed Regulations” ) to provide guidance as to how the IRS intends to prospectively define a “political...more

IRS Releases New Proposed Political Subdivision Regulations

On February 22, 2016, the Internal Revenue Service (the “IRS”) published new proposed regulations (the “Proposed Regulations”) in the Federal Register providing guidance as to the definition of a “political subdivision” for...more

When interest rates are low, it’s high time for estate planning

Interest rates remain at record lows, and while many experts believe they’ll begin to rise soon, it’s likely they’ll rise slowly. So it’s an ideal time to implement estate planning strategies that are most effective in a...more

Keeping it Together: Foundations, DAFs, and the Problem of Bifurcated Payments

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

PATH Act Extends Key Tax Provisions for Businesses and Individuals; Many Extenders Made Permanent

On December 18, 2015, the President signed into law the Protecting Americans from Tax Hikes Act of 2015, HR 2029, PL 114-113 (the “PATH Act”), which extends or makes permanent over fifty (50) expiring tax provisions relating...more

2015 Year End Tax Update

A BRIEF LOOK BACK - Where We Are Now – The View from Bucks County, Thanksgiving 2015 - 1. “Make America Great Again!” Sounds like a terrific idea, even for those (few?) of us who think America is already great and...more

Donors and Charities Benefit Under New Tax Legislation

While most provisions of the Internal Revenue Code (“Code”) do not automatically expire, there are dozens that do. Included among the expiring provisions have been several intended to enhance charitable giving. Each has been...more

IRA Charitable Rollover Provision Becomes Permanent Law

The IRA charitable rollover provision of the Internal Revenue Code, which allows individuals age 70½ or older to transfer, tax-free, up to $100,000 per year from an IRA to one or more eligible charities, has become permanent...more

Recent Tax Extenders and Modification Package Signed into Law

On December 18, 2015, President Obama signed into law the "Protecting Americans from Tax Hikes Act of 2015" (the Act). The Act extends a number of tax provisions that expired on December 31, 2014 and makes some of the...more

Bill Passed to Amend the New York Not-for-Profit Corporation Law

On December 11, 2015 Governor Andrew M. Cuomo signed into a law a bill amending New York’s Not-for-Profit Corporation Law (the “NPCL”), Estates Powers and Trusts Law (the “EPTL”) and Religious Corporations Law (the “RCL”). ...more

California Clarifies Investment Standards for Public Benefit and Religious Corporations

Without a lot of fanfare, the California State Legislature recently passed a bill that seeks to provide some clarity for charities as to how they are supposed to invest their assets. ...more

A trust is not an agency

The trustee is not an agent of the beneficiary. The trustee's duty not to delegate the administration of the trust could well be implicated if the trustee without authority were to behave as if he were the beneficiary's...more

Federal Budget 2015: What it Means for Employers

On 12 May 2015, Treasurer, Joe Hockey, delivered the Coalition Government's second budget. A key part of the budget is the Government's AUD5.5 billion 'Jobs and Small Business' package, aimed at assisting small businesses and...more

Wealth Management Update - April 2015

Obama Administration Announces Revenue Proposals - The Obama Administration has recently announced its Fiscal Year 2016 Revenue Proposals in its annual "Greenbook." The Greenbook sets forth the Administration's proposals...more

Who Files The Most Permit Applications?

California Corporations Code Section 25113(d) requires the Commissioner of Business Oversight to prepare and publicize an annual report of the number of permits that it issues for the offer and sale of securities. The report...more

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