Recent Developments for Exempt Organizations, Including 2010 Year in Review


Rather than relying solely on Twitter, Facebook and other forms of social networking to keep our friends and clients up to date, we are continuing our long-standing practice of summarizing important developments in an annual “year in review” memo. We hope you find the attached summary helpful and that you will contact any member of the Ropes & Gray Tax or Employee Benefits practice groups with any questions you may have. We will continue, of course, to keep you informed of important developments as they occur throughout the year.

In This Issue:

..Items of Particular Interest to Health Care Organizations

-Health Care Reform Legislation Imposes New Requirements on Tax-Exempt Hospitals

-IRS Releases 2010 Form 990 Schedule H and Instructions

-IRS Extends 2010 Form 990 Filing Deadline for Tax-Exempt Hospitals

..Extension of Expiring Tax Provisions that Affect Exempt Organizations

..IRS Releases Interim Report on Colleges and Universities Compliance Project

..IRS Launches Employment Tax and Charitable Spending Initiatives; New Focus on International Activities

..Supreme Court Upholds Denial of Student FICA Exception for Medical Residents; IRS Will Honor Certain Claims

..Final Rules on Foreign Financial Account Reporting

..Final Regulations on Prohibited Tax Shelter Transactions

..Health Care Reform’s Impact on Employers and Group Health Plans

..Expanded Hospital and Tax-Exempt Bond Reporting on IRS Form 990

..Update on Employer-Provided Cell Phones

..IRS Announces Relief for Trusts that Mistakenly Filed as Private Foundations

..Enactment of the New York Prudent Management of Institutional Funds Act Brings Both Welcome Relief and New Responsibilities to New York Endowments

..Delaware Makes Changes to General Corporation Law Affecting Nonprofits

..Items of Special Interest to Massachusetts Charities

-New Dissolution Guidelines

-New Rule Permits Non-Judicial Modification of Some Donor-Restricted Gifts

-Changes in Filing Requirements for Small Charities

..Annual Nonprofit Law Conference

Please see full alert below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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