Tax Law, Finance & Banking, Nonprofit Law

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

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

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

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

Consider a Private Foundation to Fulfill Your Philanthropic Goals

by Marla K. Conley, Walter Ferst, Cynthia Fischer, Jonathan R. Flora, Barbara E. Little, Bruce Rosenfield, Roy Ross | Schnader Harrison Segal & Lewis LLP on 2/18/2013

There are a variety of vehicles through which individuals and families can promote their charitable giving goals, and private foundations are often a leading choice. Simply stated, a private foundation is a type of charitable...more

IRS Examinations of Nonprofit Housing Counseling Agencies

by Venable LLP on 2/6/2013

This is a pivotal time for nonprofit providers of housing counseling and related services. The Internal Revenue Service ("IRS") has begun to focus on the activities of nonprofit, tax-exempt housing counseling agencies and...more

American Taxpayer Relief Act Of 2012 - The Effects On Charitable Giving

by Virginia C. Gross, Bruce Hopkins, Thomas J. Schenkelberg | Polsinelli on 2/5/2013

In This Issue: - Major Tax Provisions Relating to Charitable Organizations - Other Law Changes Affecting Charitable Contributions - Excerpt from Major Tax Provisions Relating to Charitable Organizations: The...more

Treasury And IRS Issue Final And Temporary Type III Supporting Organization Regulations

by Douglas K. Anning, Virginia C. Gross, Bruce Hopkins, Lauren K. Mack, Thomas J. Schenkelberg | Polsinelli on 1/24/2013

On December 21, 2012, the Department of Treasury and Internal Revenue Service issued final and temporary regulations regarding the requirements to qualify as a Type III supporting organization, which is one that is operated...more

January 31 Deadline to Transfer IRA Funds to Charities and Have It Count for 2012

by Sarah S. Butters, Richard Sills | Holland & Knight LLP on 1/24/2013

The American Taxpayer Relief Act of 2012 (the "Act") extends for two more years — 2012 and 2013 — a popular provision that enables an IRA owner to make gifts to charity directly from his or her IRA account without causing the...more

Charitable Giving: Better Late than Never

by Evan Abrams, Barbara Murphy | Farella Braun + Martel LLP on 1/24/2013

The American Taxpayer Relief Act of 2012 (the “Act”), signed into law by President Obama on January 2, 2013, extends favorable tax treatment for qualified charitable distributions made from IRAs (”Individual Retirement...more

Protecting Tax-Exempt Status: The Importance of Intangible Asset Valuation

by Matthew Journy | Venable LLP on 1/21/2013

In this presentation: - Explain the consequences of entering into transactions without properly valuing all organization assets - Explain the types of asset valuation relating to transactions commonly scrutinized by...more

American Taxpayer Relief Act Of 2012 Impact On Charitable Giving And Exempt Organizations

by Emanuel Rossman, George Schutzer, Melissa Tai, Susan Temkin | Patton Boggs LLP on 1/11/2013

The American Taxpayer Relief Act of 2012 (the “Act”) was passed by the United States Congress on January 1, 2013 and signed into law by President Obama on January 2, 2013. The following provisions of the Act should be of...more

IRS Issues Final and Temporary Regulations on Supporting Organizations

by Proskauer - Not for Profit/Exempt... on 1/10/2013

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

IRS Issues Regulations on Type III Supporting Organizations

by Ropes & Gray LLP on 1/7/2013

Effective December 28, 2012, the IRS published final regulations on the qualification requirements for “Type III” supporting organizations (SOs), and issued temporary regulations that establish a payout requirement for...more

The American Taxpayer Relief Act of 2012: Stealth Impact on Charities

by Elizabeth Mills | Proskauer - Not for Profit/Exempt... on 1/5/2013

The American Taxpayer Relief Act of 2012 (“TRA”) (H.R. 8) passed by the Senate on January 1, 2013, passed by the House of Representatives early on January 2, 2013 and signed by President Obama, in large part addresses income...more

CFPB Issues Affinity Credit Card Report to Congress: How Nonprofits Can Minimize Their Legal and Tax Risk

by Audra J. Heagney, Jonathan L. Pompan, Jeffrey S. Tenenbaum | Venable LLP on 11/21/2012

Affinity credit cards continue to be significant revenue generators for colleges and universities (and their affiliated organizations), associations and many other types of nonprofit organizations. The federal Consumer...more

Preparing for the 3.8% Medicare Surtax on Net Investment Income

by Neal A. Hudders, Mel Wheaton | Perkins Coie on 11/14/2012

The Patient Protection and Affordable Care Act of 2010 (Affordable Care Act) institutes a new 3.8 percent Medicare surtax on net investment income effective January 1, 2013. In addition, absent congressional action to extend...more

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Tax Law › Finance & Banking › Nonprofit Law