IRS Zeroing in on Auditing Ivy League Schools by Darrin Mish, Tampa Tax Attorney on 5/21/2012 The IRS has been probing more than 30 state schools and private nonprofit schools such as Harvard University in its latest efforts to ensure tax compliance. The latest blue chip university to be investigated is Cornell...more
Are the November State Tax Initiatives worrying you about going for a local school bond or parcel tax election? Teleconference on... by Orrick, Herrington & Sutcliffe LLP on 5/17/2012 Presentation Outline: - Section 1: Navigating the School Bond Environment • Current Political Climate • School Finance Practices Under Scrutiny • What about the November State Tax Initiatives? • Opportunities to...more
Hidden Problems within Sabbaticals and Other Professional Development Leave Programs by Mintz Levin - Employment, Labor & Benefits on 5/16/2012 From corporations to prestigious research universities, employers sometimes permit employees to take time away for extended periods. The names of these programs may vary, e.g., they may be related to a sabbatical or...more
"Purely Public Charities" in Pennsylvania. Back to the future – again. by Saul Ewing LLP on 5/10/2012 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
Section 529 Plans - Qualified Tuition Program: COLLEGE SAVINGS PLANS THAT THE IRS EMBRACES by Jaburg Wilk on 5/9/2012 As higher education costs continue to escalate, parents or grandparents may look to different savings vehicles for their children’s college fund. The IRS, under section 529, provides parents with the opportunity for a higher...more
Voluntary Payments in Lieu of Taxes a Growing Trend Nationwide by Franczek Radelet P.C. on 5/8/2012 As local governments continue to search for additional sources of revenue in times of fiscal uncertainty, a little known but long-standing mechanism is getting renewed attention. The concept of payments in lieu of taxes,...more
Tax-Advantage Charitable Giving by McNees Wallace & Nurick LLC on 4/25/2012 If you are charitably inclined, there are tax-advantaged ways to make a gift to a favorite charity while enjoying the income from that gift for your lifetime. Many educational and charitable organizations offer plans that...more
School Districts Across the Country Face Property Tax Refund Exposure by Franczek Radelet P.C. on 4/25/2012 It may seem as though paying property tax refunds is only a problem for school districts in Illinois, or perhaps only for school districts in certain parts of Illinois. But school districts across the country face the...more
Tax Day 2012: Does The Government's P.R. Campaign Increase Compliance? by Morvillo, Abramowitz, Grand, Iason, Anello &... on 4/6/2012 More than any other area of the criminal law, enforcement of the tax laws is associated with a specific date: April 15. Over the next two weeks, accountants will be working feverishly to complete their clients’ tax returns,...more
Governor Lifts Moratorium on Hospital Property Tax Exemption Decisions by Franczek Radelet P.C. on 3/28/2012 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
Second Funnel Deadline: Dead or Alive? by Davis, Brown, Koehn, Shors & Roberts, P.C. on 3/19/2012 Friday, March 16 marked the second funnel deadline, when bills must be passed out of one chamber and then out of committee in the opposite chamber to continue to move forward. It creates a “crunch time” for many lobbyists as...more
Recent Developments for Exempt Organizations, Including 2011 Year in Review by Ropes & Gray LLP on 3/12/2012 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
Capital Thinking Updates - February 27, 2012 by Patton Boggs LLP on 3/1/2012 In This Issue: Legislative & Regulatory Activities in the following categories: - General Legislative - Budget, Appropriations - Education - Energy - Environment - Financial...more
Capital Thinking Update - February 13, 2012 by Patton Boggs LLP on 2/16/2012 In This Issue: General Legislative On Monday, February 13, 2012, the House will meet at 1:00 p.m. in pro forma session. On Tuesday, the House will meet at 12:00 p.m. for morning hour and at 2:00 p.m. to...more
Regression Models and Discount for lack of Marketability by Ashok Abbott on 2/15/2012 Recent publication of the Discount for Lack of Marketability(DLOM) Job aid for IRS Valuation Professionals has brought fresh scrutiny to the various methods used by valuation practitioners for determining discount for lack of...more