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
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
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
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 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
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
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
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
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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