The Internal Revenue Code provides a number of benefits to schools that qualify as an exempt organization under Code Section170(b)(1)(A)(ii). These include avoiding private foundation status, having contributions qualify for...more
The amount of non-taxable embedded software being taxed in California is a staggering number. While companies own assets with millions of dollars of embedded software, few companies are maximizing their property tax savings...more
Spain’s autonomous Basque Country region has extended its participation exemption regime (applicable to foreign participations) to capital gains derived from the transfer of shares in Spanish companies (dividends were already...more
On January 27, the U.S. Court of Appeals for the Fourth Circuit upheld a district court decision and held that Fannie Mae and Freddie Mac are exempt from state and local real estate transfer taxes. Montgomery County, Md. v....more
In This Issue:
- What You Need to Know
- Methods to Reinstate Tax-Exempt Status Smaller Organizations Applying Within 15 Months of Revocation Date
- Organizations Not Eligible for the Streamlined Process Applying...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
In This Issue:
- Considerations in the Cloud: Managing the Risks
- United States V. Sperry: A Revived Threat to Owners, Directors, Managers and Directors of Distressed Organizations
- Board Membership &...more
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...more
In This Issue:
- Top News
..Congress Approves Budget Deal with Short-Term ‘Doc Fix'
..CMS “Two-Midnight” Rule delayed until March 31, 2014
..Individuals with Canceled Insurance Policies May Apply for...more
If you elect to purchase a residence in Florida, as opposed to renting, the positive result of changing your residence to Florida is that you may claim the Florida homestead exemption. In Florida, the homestead exemption...more
The list is not intended to be exhaustive.
IRS rules that incentives to health care professionals and hospitals for using electronic records are income to those receiving the...more
In 2013, courts were active in issues relating to Indian tribes, including ruling on state tax matters and the federal income tax aspects of Section 17 corporations.
The top 10 Indian tribal tax developments from 2013...more
The Internal Revenue Service (“IRS”) on December 30, 2013 issued a proposed revenue procedure that outlines steps to correct and disclose failures to meet the requirements of new section 501(r) of the Internal Revenue Code...more
On December 30, 2013, the Internal Revenue Service issued two notices related to Section 501(r) of the Internal Revenue Code, which provides guidelines for hospital organizations wishing to retain tax-exempt status. Notice...more
In Sharp v. Commissioner, the United States Tax Court once again demonstrated the importance of carefully crafting settlement agreements and reaffirmed that emotional distress damages are taxable income to the recipient....more
On the heels of controversy surrounding the Internal Revenue Service's treatment of conservative groups applying for tax-exempt status, the Treasury Department is accepting comments on proposed regulations that will...more
Section 6033(j)(1) of the Internal Revenue Code automatically revokes the tax-exempt status of an organization for failure to file the required annual return (Form 990, Form 990-EZ, or Form 990-PF) for three consecutive...more
In December of 2013, the New York State Legislature expanded Real Property Tax Law ("RPTL") Section 458-a. As originally enacted in the 1980s, RPTL Section 458-a provided a partial exemption from county, city, town and...more
In this Issue:
- Alabama's New Sales Tax Exemption Procedure for Contractors and Subcontractors Beginning On January 1, 2014
- OSHA Combustible Dust Standard on the Horizon – What Every Industry Should Know
The European Commission today opened a State aid investigation into the German Renewable Energy Source Act (the EEG), claiming that the EEG may have given unlawful advantages to energy-intensive companies in Germany. These...more
In January 2013, Congress enacted legislation that could provide certain investors who acquire qualified small business stock (“QSBS”) before the end of 2013 with a significant tax benefit. In effect, the gains realized from...more
On December 12, 2013, the Oregon Supreme Court issued its decision in Tektronix, Inc. v. Oregon Dep’t. of Revenue. The court held that the taxpayer’s receipts from the sale of goodwill, making up a part of the sale of a...more
The Alabama legislature recently passed Act 2013-205 granting the Alabama Department of Revenue (ADOR) the authority to issue certifications of exemption to contractors for work on certain governmental construction projects....more
- Both the U.S. House and Senate are floating proposals to close a loophole that allows tax deductions when there is a question of whether a fine is punitive.
- Debate centers on whether the deduction...more
The Western District of Wisconsin recently issued a decision that makes the parsonage exemption unconstitutional as a violation of the Establishment Clause of the US Constitution.
This ruling is controversial and hotly...more
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