Nonprofit Law, Finance & Banking

The ERISA Litigation Newsletter - May 2013

by Justin Alex, Anthony Cacace, Doughlas Dahl, Lisa Berkowitz Herrnson, Jacklina Len, James R. Napoli, Brian S. Neulander, Myron Rumeld, Neal Schelberg | Proskauer Rose LLP on 5/13/2013

This month our articles focus on the availability of damages in complex ERISA class actions and withdrawal liability actions. Jackie Len first provides Proskauer's perspective on the implications for ERISA litigation arising...more

Summary Of HUD’s LEAN 232 Program E-Mail Blast: Office Of Residential Care Facilities (ORCF), April 29, 2013

by Christine Waldmann Carmody, Blair L. Schiff | Pepper Hamilton LLP on 5/10/2013

In an effort to summarize the highlights of the U.S. Department of Housing and Urban Development (HUD) LEAN E-mail Blasts that we receive, and rarely have time to review in a timely fashion, we at Pepper are providing this...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

Recent 403(b) Developments

by King & Spalding on 5/8/2013

Background - 403(b) retirement plans are similar to 401(k) plans, but the employers who may establish 403(b) plans are limited to public schools, certain tax exempt employers (including religious and charitable...more

Recent IRS Guidance Concerning 403(b) Plans

by Lisa Berkowitz Herrnson | Proskauer - Not for Profit/Exempt... on 5/1/2013

Final Internal Revenue Code Section 403(b) regulations which became effective January 1, 2009 require that plan sponsors adopt written 403(b) Plan documents. ...more

Compensation and Unrelated Business Income are Focus of IRS Colleges and Universities Report

by Ropes & Gray LLP on 4/29/2013

Just a few weeks before many tax-exempt organizations file their annual Form 990, the IRS yesterday released its final report on the Colleges and Universities Compliance Project, which it had initiated in 2008 by sending...more

403(b) Plans – Correction Of Plan Errors

by Lisa Berkowitz Herrnson | Proskauer - ERISA Practice Center on 4/18/2013

Final Internal Revenue Code Section 403(b) regulations issued December 31, 2009 require that plan sponsors adopt written 403(b) Plan documents. A 403(b) Plan is a form of defined contribution retirement plan that may only be...more

403(b) Plans – Correction Due To Loss Of Tax-Exempt Status

by Lisa Berkowitz Herrnson | Proskauer - ERISA Practice Center on 4/18/2013

What happens if a tax-exempt organization becomes ineligible to sponsor a Section 403(b) Plan because it loses its exempt status under Internal Revenue Code Section 501(c)(3)? As an example, loss of tax-exempt status may...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

Why the Classic Legal Terminology of the Anglo-American Trust is in French, Not English: The “Law French” Phenomenon

by Charles E. Rounds, Jr. on 4/1/2013

The institution of the trust, a creature of the English Court of Equity, evolved deep in the bosom of the Anglo-American legal tradition. France, a civil jurisdiction, lacks a legal institution that is truly comparable. Her...more

Raising Funds for Nonprofits: Key Legal Issues, Common Pitfalls & New Intellectual Property Concerns

by Marcella Ballard, Kristalyn Loson, Jeffrey S. Tenenbaum | Venable LLP on 4/1/2013

In this presentation: *Charitable Solicitation: - Charitable Solicitation Regulatory Overview - Legal Considerations for the Charity’s Own Fundraising - Working with Professional...more

What is Enterprise Florida?

by Messer & Caparello, P.A. on 3/29/2013

With the establishment of the 1982 Enterprise Zone Program, Florida became one of the first states in the country to enact an economic revitalization program offering investment assistance, tax advantages and regulatory...more

Protection and Goodwill – Documenting Charitable Contributions in the Eyes of the IRS

by Deborah Tellier | Farella Braun + Martel LLP on 3/26/2013

April 15th is just around the corner, and every year clients ask us what paperwork is needed to document charitable contributions. As a reminder, the IRS allows you to deduct up to 50% of your adjusted gross income donated...more

IRS Relief for 403(b) Retirement Plans

by Jessica Carter, David Glaser, Meridith Bogart Krell, Bernard O'Hare, Bruce Wolff | Patterson Belknap Webb & Tyler LLP on 3/22/2013

Recognizing that the requirement to have a detailed written plan document for a 403(b) retirement plan was a new and arduous task for many non-profit entities who sponsored such plans, the IRS has now published favorable...more

Protecting Your Nonprofit Housing Counseling Agency's 501(c)(3) Status

by George Constantine, Matthew Journy, Jonathan L. Pompan, Jeffrey S. Tenenbaum | Venable LLP on 3/13/2013

In this presentation: - What the IRS is doing - What agencies can expect - The legal requirements for 501(c)(3) status - Recent IRS treatment of housing counseling agencies - How to prepare...more

Breathing New Life into Brownfields – The BUILD Act of 2013

by Kristen Sherman | Adler Pollock & Sheehan P.C. on 3/13/2013

On March 7, 2013, Senators Lautenberg, Inhofe, Crapo and Udall introduced the Brownfields Utilization, Investment, and Local Development Act of 2013, which would amend the Comprehensive Environmental Response, Compensation...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