Proskauer - Not for Profit/Exempt Organizations

IRS Proposes Rules for Donee Charitable Donation Reporting

On September 16, 2015, the IRS issued proposed regulations concerning the time and manner for donee organizations to file information returns that report required information about charitable contributions. The proposed…more
| Business Organizations, Nonprofit Law, Privacy, Taxation

Attorney General Issues Guidance On State Not-for-Profit Law

On April 13, 2015, the New York Attorney General’s office released two guidance documents addressing key provisions of the New York Not-for Profit Corporation Law (the N-PCL) enacted as part of the Non-profit Revitalization Act…more
| Business Organizations, Nonprofit Law

Proposed Changes to Financial Accounting for Not-for-Profit Entities

The Financial Accounting Standards Board (“FASB”) has issued an exposure draft of a Proposed Accounting Standards Update, Presentation of Financial Statements of Not-for-Profit Entities, which would make significant changes to…more
| Finance & Banking, Nonprofit Law

IRS Commissioner Says IRS is “Under New Management;” What’s Happened Over the Past Year In the IRS Affecting Tax-Exempt Organizations?

On March 31, 2015, the Commissioner of the IRS reported in a speech to the National Press Club that the IRS is “under new management” due to major changes in management staff over the last few years. Many of these management…more
| Business Organizations, Taxation, Nonprofit Law

IRS Rules on Domesticated Organization and Tax-Exempt Status

Late last year, the Internal Revenue Service (“IRS”) issued a letter ruling, PLR 201446025, providing that, in certain instances, a nonprofit corporation exempt under Section 501(c)(3) of the Internal Revenue Code of 1986, as…more
| Taxation, Nonprofit Law

Advisory Committee on Tax Exempt and Government Entities Makes Recommendations on Reporting of Unrelated Business Taxable Income

The Advisory Committee on Tax Exempt and Government Entities (“ACT”), an IRS advisory panel, made several recommendations on issues relating to unrelated business taxable income (“UBTI”) in its annual report to the IRS (the…more
| Education, Taxation, Nonprofit Law

New York Court Strikes Down Regulations Limiting Executive Compensation and Administrative Expenses

A New York court has held that the State’s regulatory limits on executive compensation and administrative expenses for entities that receive state funds unconstitutionally exceed proper regulatory authority. The regulations,…more
| Business Organizations, Constitutional Law, Finance & Banking, Government Contracting, Nonprofit Law

IRS Issues Interim Guidance for Type III Supporting Organizations

The IRS recently issued Notice 2014-4 (the “Notice”), which provides interim guidance for Type III supporting organizations seeking to qualify as functionally integrated by supporting governmental organizations. In December…more
| Business Organizations, Taxation, Nonprofit Law

IRS Introduces New Procedures for Reinstatement of Tax-Exempt Status

Tax-exempt organizations that have had their tax-exempt status automatically revoked because of failure to file required annual returns for three consecutive years can follow new procedures for seeking reinstatement of their tax…more
| Taxation, Nonprofit Law

Appointment and Authority of Committees Under the New York Not-for-Profit Corporation Law

Under the Not-for-Profit Corporation Law (“NPCL”) it is relatively clear that (i) any committee with corporate authority must be comprised only of trustees, and (ii) committees must be appointed by the board, and not, for…more
| Business Organizations, Nonprofit Law

Governor Cuomo Signs New York Non-Profit Revitalization Act of 2013

The New York Non-Profit Revitalization Act of 2013 (the “Act”), which was passed by the New York State legislature in June, was signed into law by Governor Andrew Cuomo last week. The Act seeks to modernize the New York…more
| Nonprofit Law

IRS Draft of 2013 Form 990 and Instructions

Earlier this year the IRS issued drafts of the 2013 Form 990, Return of Organization Exempt From Income Tax, and 2013 Form 990 Instructions. Although there were no major changes to the Form 990, there were several changes and…more
| Taxation, Nonprofit Law

Recaps from Proskauer’s 18th Annual Trick or Treat Tax Exempt Seminar

Proskauer’s 18th Annual Trick or Treat Seminar was held on Thursday, October 31. The Seminar discussed: - Statutory Authority of New York Attorney General’s Charities Bureau - Proposed Revisions to New…more
| Business Organizations, Civil Rights, Labor & Employment Law, Nonprofit Law

ACT Report on IRS and Small Exempt Organizations

The Advisory Committee on Tax Exempt and Government Entities (ACT) has released its annual report and recommendations to the IRS on selected issues concerning exempt organizations, employee benefit plans, tax-exempt financing,…more
| Taxation, Nonprofit Law

New York Legislature Passes Nonprofit Revitalization Act of 2013 — Governor Action Pending

In what is characterized as a “Revitalization Act,” and which certainly is a modernization, the New York State legislature has passed and placed before Governor Andrew Cuomo changes to the Not-for-Profit (“NFP”) Corporation Law…more
| Business Organizations, Nonprofit Law
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