Pension Protection Act of 2006

Illinois Supreme Court Intervenes in Politically Charged State Pension Battle

by Kirk Jenkins | Sedgwick LLP on 4/23/2013

Earlier this month, the Illinois Supreme Court accepted its first direct appeal in over three years, agreeing to wade into the politically charged battle over state employee pension rights. The Court ordered the consolidated...more

A Full Plate for the IRS: IRS Releases 2012 Exempt Organizations 2012 Annual Report and 2013 Workplan

by Bradley Dillon | Proskauer - Not for Profit/Exempt... on 2/15/2013

At the end of January, 2013, the IRS Exempt Organizations Group (“EO”) released its annual report, highlighting EO’s 2012 accomplishments and outlining its priorities for 2013. This year’s report was significantly more...more

IRS Issues Regulations for Type III Supporting Organizations

by Frances Emmeline Babb, Edward Chaney, Matthew Elkin, Kimberly Eney, Alexander Reid, Celia Roady, Caroline Waldner | Morgan Lewis on 1/30/2013

Type III supporting organizations should take steps to comply with new regulations and funders should review due diligence procedures for grants made to these organizations. On December 21, 2012, the Internal Revenue...more

Nonprofit Notes - Issue 3 | January 2013

by Skadden, Arps, Slate, Meagher & Flom LLP on 1/29/2013

In This Issue: - Raising Funds Without Raising Problems - IRS Issues Clarification Regarding Contributions to Single-Member LLCs - Appellate Decisions Impact NY Nonprofit Chapter Organizations - The...more

In Annual Procedure Update (Usually a Yawner), IRS Imposes 27-Month Deadline For Filing Exemption Applications For All Types of...

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

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

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

Revival of the Direct Charitable IRA Transfer

by Reeve Chudd | Ervin Cohen & Jessup LLP on 1/7/2013

The new Fiscal Cliff legislation, H.R.8, the “American Taxpayer Relief Act” (“ATRA”) extends the Direct Charitable IRA Transfer treatment through December 31, 2013. This means that Donors age 70½ or older can ask their IRA...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

Art is Long, Life is Short: Estate Planning for the Artist and the Art Collector

by Sarah M. Johnson, Joshua J. Kaufman | Venable LLP on 12/10/2012

I. NON-CHARITABLE TRANSFERS DURING LIFE Art is particularly well-suited for charitable transfers if the circumstances fit, but not all collectors or artists want to leave their art to a charitable organization. In...more

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