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IRS Applies 20th Century Analysis To 21st Century Social Organization

Code §501(c)(7) provides an exemption from federal income tax for clubs organized substantially for pleasure, recreation, and other nonprofitable purposes if no part its net earnings inures to the benefit of a private...more

Perspectives - April, 2014

In This Issue: - Making Our Downtown Better Every Day - It's Good To "B" In Deleware - The Wonderful World of Limited Liability Companies - Ohio Bill to Allow Schools and Camps to Procure Epinephrine...more

START-UP NY: Creating Tax-Free Zones for High-Tech Startups in New York State

In an effort to attract startup companies and leverage the research capacity and workforces available in New York’s colleges and universities, New York State recently established tax-free zones for certain startup companies....more

Junior Goes to College! Innovative Strategies to Save for Your Children's College Education with Pre-Tax Dollars

Overview - The cost of college tuition has gone through the roof. The average cost of a private university can range from $40,000-60,000 per year. The cost of a public university is a lot less in most cases except that...more

July Economic Update Reports $463 million more in Revenue

Minnesota Management and Budget’s (MMB) July Economic Update reported that general fund revenues for FY 2013 have increased $463 million since the February Forecast. This revenue increase must be reconciled by MMB with any...more

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

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

Regulatory Focus on Colleges and Universities Is Increasing

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

Proposition 39 – Analysis and Status of Implementation Current as of: 2/14/13

In November 2012, Proposition 39 was approved by the voters of California. Prior to Proposition 39, corporations were given two options to calculate their state tax liability under California law. Proposition 39 eliminated...more

Upscale Retirement Complex Denied Religious and Charitable Property Tax Exemptions

The Second District Appellate Court recently upheld the Department of Revenue’s denial of a property tax exemption for the Village at Victory Lakes in Lindenhurst, Illinois, which is a continuing care retirement community...more

"Purely Public Charities" in Pennsylvania. Back to the future – again.

A recent Pennsylvania Supreme Court decision has rekindled the issue of what constitutes a "purely public charity" for real estate tax exemption purposes in Pennsylvania. The decision may lead to a renewed interest of school...more

Governor Lifts Moratorium on Hospital Property Tax Exemption Decisions

Since 2010, when the Illinois Supreme Court upheld the revocation of a property tax exemption for a hospital on the grounds that an insufficient amount of charitable medical care was being provided, we have been monitoring...more

Important Tax Provisions Expire This Year

In a January 2011 article we addressed the changes to the gift and estate tax provisions contained in the Tax Relief Act. In this article, we cover some of the new law’s personal income tax planning opportunities....more

The 2010 Tax Relief Act and How it Affects 2012

In a January 2011 article we addressed the changes to the gift and estate tax provisions contained in the 2010 Tax Relief Act. Everything may change at the end of 2012 so it is more important than ever to take a look at...more

PA Notes - September 22, 2011

In This Newsletter: Pennsylvania Sales and Use Tax Ruling No. SUT-06-014 (July 20, 2011).... Pennsylvania Corporation Tax Bulletin No. 2011-2 (July 20, 2011)..... Lebanon Valley Farmers Bank v....more

Business Succession: Who Will Run Your Business After You're Gone

Many entrenepreneurs have spent decades building their business right alongside raising their family. But for as much calculating thought as they have put into running a profitable company, they probably have devoted mush...more

Divided Appellate Court Denies Tax Exemption for Sale-Leaseback Property

The Fourth District Appellate Court recently found that the Department of Revenue correctly denied a property tax exemption where a charitable organization sold a property to a limited liability company formed by a concerned...more

For the Business Manager: Post-Issuance Compliance: How to Live with a Bond Issue

Post-issuance compliance is a process that provides a school district with a record retention and reporting system that enables the school district to identify actions that could potentially impact the school district’s...more

Christian School Faces Tax and Foreclosure Problems

The Summit Christian School in Palm Beach County is facing a foreclosure on its property by a credit union to who the school owes $9.3 million. Circuit Judge Meenu Sasser will hear the request by the credit union to foreclose...more

Arizona Christian School Tuition Organization v. Winn, et al., & Garriott v. Winn, et al.,

Brief of the CATO Institute, Andrew J. Coulson, et al., as Amici Curiae in Support of Petitioners

Arizona grants income tax credits for contributions made to school tuition organizations ("STOs"). STOs must use these donations for scholarships that allow students to attend private schools. This statutory scheme broadens...more

IRS Audit may result in Probe on Chavez Operations

An IRS audit that detailed irregularities in the operations of the Cesar Chavez Network could result in a criminal probe. The audit, which was released last month, highlighted the exorbitant salaries of the leaders of Cesar...more

Tax Code Infringements of Colleges, Universities

One problem many colleges and universities pose to the IRS is the possible tax code infringements they commit. The IRS has recently made public a report based on the feedback they received on a survey on 400 colleges and...more

IRS Investigates 30 Colleges and Universities

The IRS has launched investigations into 30 colleges and universities delving into the business activities of these tax-exempt academic institutions. The investigations focus primarily on unrelated business income and...more

Tips for Setting Non-profit Executive Compensation in a Time of Congressional Outrage and Media Scrutiny

This article includes 10 practices that, if followed, will help the boards of tax-exempt organizations such as hospitals, colleges, large foundations, and other charities that require highly compensated executive talent, to...more

THE LONG ARM OF CHARITABLE SOLICITATION LAW

Must charities register as "doing business" or fundraisers in every state with a registration requirement because their websites are available to users in every state? In an attempt to offer some clarity to the murky legal...more

Public Finance Advisory: Exempt Status Denied to Student Housing Nonprofit

On August 15, 2008, the Internal Revenue Service (“Service”) publicly released a redacted final adverse determination letter (PLR 200833022 (May 21, 2008)) denying Section 501(c)(3) status to a nonprofit organization (“M”)...more

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