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Nonprofits Tax

Read need-to-know updates, commentary, and analysis on Nonprofits issues written by leading professionals.

Tax-Exempt Does Not Mean Exempt From Filing Tax Returns

May 15 was the filing deadline for nonprofits operating on a calendar year that are required to file Form 990-series information returns. Many nonprofits mistakenly believe that they are not required to file returns with the...more

Donating Fund Interests: A “Why Now?” and “How To” Primer

Due to increased valuation of public and private equities, coupled with the upcoming end of the sunset provision that allows hedge fund managers to defer taxation on fees earned offshore, there is an increased interest among...more

Tax Reform and the Potential Impact on Tax-Exempt Organizations

by Holland & Knight LLP on

Both the Trump Administration and key leadership in the U.S. House of Representatives and Senate are continuing their focus on tax reform. Although details are being withheld until the Republican leadership in the House,...more

PACs, Campaigns and Dark Money: What is the Law?

by Stinson Leonard Street on

In 2016, Missouri voters enshrined new campaign finance laws in the state constitution. The Missouri Ethics Commission issued several interpreting opinions and a federal court has enjoined parts of the law as...more

High Court Agrees Pension Plans Sponsored by Church-Affiliated Hospitals Are ERISA-Exempt and Upholds Decades of IRS, PBGC and DOL...

by Genova Burns LLC on

In a much-anticipated decision, on June 5 the U.S. Supreme Court held that a pension plan sponsored by a religious affiliated nonprofit hospital qualifies as an ERISA-exempt church plan even though the plan was not initially...more

501(r) Audits Are Here: What You Need to Know

by Nilan Johnson Lewis PA on

The Affordable Care Act imposed new requirements on tax-exempt hospitals under Section 501(r) of the Internal Revenue Code. Section 501(r) and its implementing regulations present a complex framework intended to promote...more

IRS Guidelines Provide Greater Flexibility to Nonprofit Borrowers

by Polsinelli on

New guidelines from the Internal Revenue Service substantially overhaul safe harbors that have existed for 20 years. Specifically, the IRS recently released Revenue Procedure 2017-13 (“Rev. Proc. 2017-13”), which establishes...more

What President Trump’s Executive Order Means for 501(c)(3) Political Activity

by Genova Burns LLC on

Recently, President Trump signed his Executive Order “Promoting Free Speech and Religious Liberty.” It directs the Secretary of the Treasury to exercise discretion to avoid taking any adverse action against an individual,...more

UPDATE: President Trump Signs “Johnson Amendment” Executive Order Limiting Treasury’s Actions Against Religious Organizations...

On May 4, 2017, President Trump signed an executive order that directs the executive branch to limit its enforcement of the “Johnson Amendment.” As previously reported, the Johnson Amendment prohibits organizations that are...more

IRS Extends Deadline to File Forms 8886 for Participants in Conservation Easement Transactions

by Taylor English Duma LLP on

Individuals investing in Conservation Easement Transactions have many questions. Why is the IRS attacking Conservation Easements? Why do I have to file these extra forms? When do I file the forms and what are the risks if...more

For-Profit Schools Ruled Exempt From Michigan Personal Property Tax

by Miller Canfield on

In a departure from past interpretation, the Michigan Supreme Court issued a ruling on May 1, 2017 expanding the use of personal property tax exemptions available to for-profit institutions. In SBC Health Midwest, Inc. v City...more

May 15 Is Tax Filing Deadline for Many Tax-Exempt Organizations

This is a reminder that tax-exempt organizations operating on a calendar-year (January 1 – December 31) have a filing deadline for Form 990-series information returns on May 15. To avoid potential penalties or risk of losing...more

President Trump’s New Johnson Amendment Executive Order: Is the Bark Worse than the Bite?

Earlier last week we reported on proposed bills regarding the repeal or modification of the “Johnson Amendment” which established the absolute prohibition on political campaign activity by 501(c)(3) charitable organizations. ...more

We Need a License To . . . Be a Charity?

by Ward and Smith, P.A. on

Wait a minute! Haven't we done everything we're supposed to do? We've clearly defined our charitable mission. We formed our non-profit corporation. We got our 501(c)(3) determination letter from the Internal Revenue Service...more

Jimmy Chen Seminar Attendees and Clients at Risk of Being Investigated for Tax Evasion

by Moskowitz LLP on

This past summer, Jimmy J. Chen, accountant and promoter of private charitable foundations, was charged with six felony counts of tax evasion. From 2009 through 2011, Mr. Chen apparently used his tax-exempt ChenSung Family...more

IRS Announces End Date for 403(b) Remedial Amendments

Many tax exempt employers sponsor Section 403(b) retirement plans to help their employees save money for retirement. A 403(b) plan offers the ability for an employee to make pre-tax contributions to the plan (similar to the...more

For Many Nonprofits, May 15 Is Tax Filing Deadline and Marks ‘Start of the Year’ Review

by Fox Rothschild LLP on

For nonprofit organizations, the IRS Form 990 return must be filed on or before the 15th day of the fifth month following the fiscal year-end – or May 15 for those using a Dec. 31 year-end. This deadline should also...more

SJC Issues Property Tax Ruling Regarding Religious Organization

by Foley Hoag LLP on

In a noteworthy development relevant to property tax exemptions for religious organizations in the Commonwealth, the Supreme Judicial Court issued a ruling on March 22, 2017 in Shrine of Our Lady of La Salette Inc. v. Board...more

Illinois Supreme Court Declines to Rule on Constitutionality of Illinois Hospitals' Property Tax Exemption Law

by Hinshaw & Culbertson LLP on

There have been two new developments in the long running saga over a charitable property tax exemption for hospitals in Illinois....more

IRS Warns Schools of Dangerous Email Scam

by Shipman & Goodwin LLP on

On March 28, 2017, the IRS warned schools, universities, government entities and tax exempt organizations of a dangerous email scam currently circulating nationwide and targeting employers. According to the IRS, the scammer...more

IL Supreme Court Avoids Ruling on Constitutionality of Hospital Exemption

by Franczek Radelet P.C. on

The Illinois Supreme Court has issued an opinion in Carle Foundation v. Cunningham Township, the case involving the constitutionality of the statute granting hospitals a special property tax exemption. In remanding this case...more

Benefactors Beware: Fake Charities Included in IRS List of Top Tax Scams for 2017

by Bryan Cave on

Every year, the IRS issues its “Dirty Dozen” Tax Scams list, a compilation of tactics and devices used by scam artists against taxpayers. While the threat exists year-round, the IRS promulgates the list ahead of filing...more

GOP Proposes Allowing Charities to Take Political Sides

by McGuireWoods LLP on

While speaking at the National Prayer Breakfast on Feb. 2, President Donald J. Trump vowed to “totally destroy” the Johnson Amendment. This pledge was seconded by House Ways and Means Committee Chair Kevin Brady, R-Texas, in...more

IRS Notice: Conservation Easements for Charitable Giving

by Bryan Cave on

In Notice 2017-10, the Internal Revenue Service recently issued guidance on syndicated conservation easement transactions presumed to be used as tax shelters. This addition to the “listed transactions” under Section...more

Charitable Contributions: Acknowledgements, Appraisals and the IRS's Strict Rules: Tax Update, Volume 2017, Issue 2

by Pepper Hamilton LLP on

Tax season has begun, and it is crucial for any taxpayer claiming a charitable contribution deduction to be aware of the acknowledgment rules. Before the taxpayer files a tax return claiming a charitable deduction of $250 or...more

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