Tax Law – May 24, 2012

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

by Venable LLP on 5/16/2012

Earlier this year, the Internal Revenue Service’s (“IRS”) Exempt Organizations (“EO”) division unveiled its annual work plan. The plan highlights EO’s priorities for the year and is the best indicator of what the staff will...more

by Morgan Lewis on 5/11/2012

New examples describe additional charitable purposes and investment structures for PRIs. The Internal Revenue Service (IRS) and the Treasury Department have issued long-awaited proposed Treasury Regulations providing...more

by InKnowVision on 5/8/2012

A composite of studies of trust and estate attorneys, trust officers, and financial planners revealed that: • Fewer than 10% of plans for their clients addressed art, antiques, and collectibles • Fewer than 10% used art...more

by Ballard Spahr LLP on 5/8/2012

For charitable organizations in Pennsylvania, obtaining and preserving real estate tax exemptions just got a little more difficult. The Pennsylvania Supreme Court has ruled that the statute intended to clarify the...more

by Proskauer - Not for Profit/Exempt... on 5/3/2012

As repeatedly promised in its work plan, the IRS recently issued Proposed Regulations containing several new examples of investments that qualify as a “program-related investment” (a “PRI”) for purposes of avoiding potential...more

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

by McNees Wallace & Nurick LLC on 4/10/2012

On February 2, 2012 Governor Corbett signed into law Act 2 of 2012, which became effective March 3, 2012. Act 2 makes substantial changes to the Small Games of Chance Act, and those who are involved with charities that might...more