On March 25, 2015, the Securities and Exchange Commission ("SEC" or "Commission") proposed amendments to rule 15b9-1 of the Securities Exchange Act of 1934, as amended ("Exchange Act"). Rule 15b9-1 currently exempts certain...more
Church properly used letter of notification (and not official application) to claim exemption; previously granted exemption rolled forward. The Indiana Board of Tax Review applied a 100% property tax exemption to a church...more
A longstanding exemption is denied. In Washington Park Cemetery Association, Inc. v. Marion County Assess et al., Cause No. 49T10-1404-TA-10, the non-profit Association owned a cemetery, mausoleum and crematory complex in...more
Currently, in addition to any federal estate tax, Maryland imposes an estate tax on property that passes upon the death of an individual on the amount of the decedent’s taxable estate in excess of $1 million. The maximum rate...more
The deadline to file for Michigan’s new Personal Property Tax Exemption is next Monday, February 10, 2014.
In 2012, Gov. Snyder signed the law providing a personal property tax exemption to taxpayers who own equipment...more
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
A wide array of organizations can qualify to be recognized as exempt from federal income taxes. Most noted of late are those organizations which are structured to “promote social welfare” and which can seek tax-exempt status...more
On January 1, 2013, the Senate and the House of Representatives passed the American Taxpayer Relief Act of 2012 (ATRA), averting the so-called “fiscal cliff.” The legislation, which was signed by President Obama on January 2,...more
The IRS continues to implement the “three years and you’re out” rule for Form 990 non-filers added by the Pension Protection Act of 2006 (the “PPA”)....more
Congress has averted the so-called fiscal cliff by passing the "American Taxpayer Relief Act of 2012" (the "Act") on January 1, 2013, which President Obama signed into law the following day. The good news is we finally have...more
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