Read Nonprofit Law updates, news, and legal commentary from leading lawyers and law firms:
Higher Education Oversight and Governance: Role of a College Board of Trustees
On May 8, 2013, the House Ways and Means Subcommittee on the Oversight of Tax-Exempt Organizations held a hearing on the College and University Compliance Project Final Report (“Final Report”) issued by the IRS on April 25,...more
On April 25, 2013, the IRS released its College and University Compliance Project Final Report, which updates the interim report issued in 2010. ...more
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
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
IRS Addresses Issues of Unrelated Business Taxable Income and Executive Compensation in Colleges and Universities Compliance Project Report -
On April 25, 2013, the Internal Revenue Service (IRS) released its Final...more
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
Report offers lessons for many tax-exempt organizations on unrelated business taxable income and executive compensation....more
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
A recent report of the IRS’ Exempt Organizations (EO) division provides the results of a multi-year audit of tax-exempt colleges and universities regarding their compliance with IRS reporting requirements. The report focuses...more
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
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
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
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
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
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
Due to Hurricane Sandy’s impact, the Internal Revenue Service (IRS) has extended various tax filing and payment deadlines that occurred starting in late October.
Affected individuals and businesses have until February 1,...more
In response to the severe damage caused by Hurricane Sandy, the IRS has issued several news releases that provide guidance to charitable organizations, employers, and individuals who want to help victims of Hurricane Sandy....more
The Internal Revenue Service (IRS) recently issued much-anticipated guidance regarding the application of the employer-sponsored health coverage mandate (often called the “play or pay rules” under health care reform). If a...more
In this presentation:
- Explain significance of executive compensation
- Explain rules and regulations regarding executive compensation
- Explain how organizations can protect themselves
- Explain scope of...more
If your business or tax-exempt organization has hired a United States veteran since November 22, 2011, your entity may be eligible for a significant tax credit as part of the recently expanded Work Opportunity Tax Credit...more
Dow at 13,000 Edition
It is with a profound sense of tradition that we assemble and distribute a 2011 “Year in Review” in March, 2012, instead of simply tweeting what IRS Commissioner Shulman had for breakfast this...more
As technology for the home office improves, more nonprofits and employees are taking advantage of the benefits of telecommuting. Laptops are lighter, faster, and more portable. Smartphones, iPads, and other e-readers...more
The 2012 election season is upon us. There will be hotly-debated contests throughout the nation, culminating in national and local contests this fall.
Each political cycle, schools face questions regarding their...more
Originally published in the Tax Management Compensation Planning Journal, 39 CPJ 227, 11/04/2011.
In July 2007, the Internal Revenue Service (IRS) issued final regulations (the ‘‘Final Regulations’’) under §403(b) of the...more
The honeymoon phase does not last long for a new general counsel (GC) — on day one of your new job, you are going to start learning about all those things that could not be disclosed during the courting phase, whether out of...more
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