Tax Exemptions

The Current IRS Firestorm over Conservative Political Nonprofits: Any Lessons for the Rest of the Tax-Exempt Community?

by Jeffrey S. Tenenbaum | Venable LLP on 5/16/2013

Jeff Tenenbaum discusses the IRS’ inappropriate flagging of conservative political groups for additional review during the 2012 election season On May 10, 2013, the nonprofit tax bar – and much of the country – was...more

Budget 2013-14: The Government targets multinationals to recover from the GFC - Baker & McKenzie

by Dixon Hearder, Amrit MacIntyre, John Walker | Baker & McKenzie Australia on 5/15/2013

The Treasurer has delivered the 2013-14 Budget. With the Treasurer noting that almost $170 billion has been wiped off tax receipts since the GFC, a series of measures increasing the tax burden of multinationals, foreign...more

Alabama Legislative Update – Week 13: Budgets Approved, Medicaid and Tax Bills Sent to Governor Bentley

by Denise Killebrew, Dennis Nabors | Baker, Donelson, Bearman, Caldwell &... on 5/15/2013

With the constitutional deadline of midnight on the 30th day closing in, Alabama lawmakers worked at a feverish pace to complete work on some of the most substantial and controversial legislation in the 2013 session....more

IRS Releases College And University Compliance Project Final Report – Implications For All Tax-Exempt Organizations

by Douglas K. Anning, Virginia C. Gross, Bruce Hopkins, Thomas J. Schenkelberg | Polsinelli on 5/15/2013

On April 25, 2013, the IRS released its College and University Compliance Project Final Report, which updates the interim report issued in 2010. ...more

Many Tax-Exempt Organizations Must File Form 990 by May 15 to Preserve Tax-Exempt Status

by Loeb & Loeb LLP on 5/14/2013

The Internal Revenue Service will automatically revoke an organization's tax-exempt status if the organization fails for three consecutive years to file an IRS Form 990. Organizations that use the calendar year for their...more

"Shares for Rights: Over-Sold or Under-Appreciated?"

by James Anderson, Helena Derbyshire | Skadden, Arps, Slate, Meagher & Flom LLP on 5/14/2013

In this article we consider some alternative approaches to the proposed U.K. status of “employee shareholders,” who receive capital gains tax-exempt shares in their employer (or its parent) in return for waiving certain...more

2013 Maryland IDOT Legislation Expands Exemption Amount Applied For Recordation Tax

by John Wetzel | Niles, Barton & Wilmer, LLP on 5/14/2013

As a result of recent Maryland legislation, commercial property owners currently considering the financing or refinancing of their real estate may achieve significant recordation tax savings when using so-called “indemnity...more

Spotlight on Georgia: Certain Interesting Tax Developments

by Baker, Donelson, Bearman, Caldwell &... on 5/13/2013

As in past years, there have been numerous interesting tax-related developments over the last 12 months in the state of Georgia. Just a few of these recent developments are summarized below...more

Five Years in the Making - IRS Releases Findings from Colleges and Universities Compliance Project

by Tyrone Thomas | Mintz Levin - Employment, Labor & Benefits on 5/13/2013

The IRS announced it is nearing completion of a five year long compliance project involving tax-exempt colleges and universities. The project, which began with questionnaires to 400 randomly-selected institutions, focused on...more

South Carolina Supreme Court (Reluctantly) Upholds Sales Tax Exemptions

by Michael Jacobs, Alexandra Sampson | Reed Smith on 5/13/2013

Yesterday, the South Carolina Supreme Court issued its long-awaited decision in Bodman v. South Carolina, holding that the state’s sales and use tax exemption and cap scheme, as a whole, does not violate the state...more

2013 Estate Planning – Still Not The Time To Be Complacent

by Gary Phillips | Cole Schotz on 5/13/2013

The end of 2012 saw an unprecedented surge of activity for estate planning attorneys and advisors counseling clients to implement estate plans before the 2013 changes in the law, which would have reduced gift and estate tax...more

Editorial: Expatriating From U.S. To Puerto Rico May Make Sense For Some

by Jeffrey L. Rubinger | Bilzin Sumberg Baena Price & Axelrod LLP on 5/13/2013

The United States is one of only two countries in the world that taxes its citizens and residents on their worldwide income. Therefore, a U.S. taxpayer who earns only foreign-source income will be subject to U.S. federal...more

Internet Fundraising for Tax-Exempt Organizations

by Jamie Bowles | Proskauer - Not for Profit/Exempt... on 5/9/2013

The IRS recently released an Information Letter, written in response to a congressman’s inquiry about an unidentified charity’s unidentified practices, confirming that Section 501(c)(3) organizations may use the internet to...more

South Carolina Supreme Court Rules on Tax Exemptions in Bodman v. South Carolina

by Burnet Maybank III, Rick Reames III, Jim Rourke | Nexsen Pruet, PLLC on 5/8/2013

Close to a year and a half after hearing oral arguments in Bodman v. South Carolina, the South Carolina Supreme Court has upheld the “seven caps” and “eighty seven exemptions” found under the State’s sales tax. (Op. No. 27248...more

New Maryland Law Provides Indemnity Deeds of Trust (IDOT) Relief

by Jerald Cohn | Holland & Knight LLP on 5/8/2013

Maryland Governor Martin O'Malley has signed a law that brings significant changes to how recordation tax will be imposed on the refinancing of commercial property and on the modification of existing indemnity deeds of trust...more

IRS Issues Final Report on Colleges and Universities Compliance Project

by Edward Chaney, Matthew Elkin, Kimberly Eney, Alexander Reid, Celia Roady, Caroline Waldner | Morgan Lewis on 5/6/2013

Report offers lessons for many tax-exempt organizations on unrelated business taxable income and executive compensation....more

Inside M&A - Spring 2013

by Joseph S. Adams, Robert Clary II, Thomas P. Conaghan, Jeffrey Holdvogt, Joanne Ludovici, Jennifer Mikulina, Jeffrey Rothschild, Jake Townsend, Jeffrey Wagner | McDermott Will & Emery on 4/30/2013

Top Five Traps for the Unwary in Spin-Offs - A wave of corporate breakups has swept through the United States over the last few years as investors have taken notice of the fact that smaller companies focused on a...more

Compensation and Unrelated Business Income are Focus of IRS Colleges and Universities Report

by Ropes & Gray LLP on 4/29/2013

Just a few weeks before many tax-exempt organizations file their annual Form 990, the IRS yesterday released its final report on the Colleges and Universities Compliance Project, which it had initiated in 2008 by sending...more

The Estate Planner - May/June 2013

by Shumaker, Loop & Kendrick, LLP on 4/19/2013

In This Issue: - Exemption portability: Should you rely on it? - Decant a trust to add trustee flexibility - Using the GST tax exemption to build a dynasty - Estate Planning Red Flag: Your plan includes a...more

403(b) Plans – Correction Due To Loss Of Tax-Exempt Status

by Lisa Berkowitz Herrnson | Proskauer - ERISA Practice Center on 4/18/2013

What happens if a tax-exempt organization becomes ineligible to sponsor a Section 403(b) Plan because it loses its exempt status under Internal Revenue Code Section 501(c)(3)? As an example, loss of tax-exempt status may...more

Expatriation Lite: Leaving The U.S. Tax System While Retaining Your Citizenship

by Joshua Kaplan, Jeffrey L. Rubinger | Bilzin Sumberg Baena Price & Axelrod LLP on 4/16/2013

As many Miami residents who earn income abroad may be aware, the United States is one of only two countries in the world that taxes its citizens and residents (collectively, “U.S. taxpayers”) on their worldwide income. ...more

IRS Probes Organizations That Self-Declare Tax-Exempt Status

by Douglas K. Anning, Virginia C. Gross, Bruce Hopkins, Lauren K. Mack, Thomas J. Schenkelberg | Polsinelli on 4/15/2013

On March 21, Lois Lerner, the Director of the Exempt Organizations Division of the Internal Revenue Service, announced an IRS investigation of organizations that self-declare rather than apply to the IRS for recognition of...more

IRS Issues Proposed Regulations for Section 501(c)(3) Tax-Exempt Hospitals Regarding the Community Health Needs Assessment...

by Jay Gerzog, Tamar Rosenberg | Epstein Becker & Green, P.C. on 4/15/2013

On April 5, 2013, the Internal Revenue Service ("IRS") published proposed regulations ("Proposed Regulations") providing guidance regarding certain aspects of Section 501(r) of the Internal Revenue Code ("Code"), which...more

Alabama Taxpayers' Bill of Rights II Passes Easily In House; Other Important Tax Bills of Interest

by Bruce Ely, James Long, Dave Stewart, William Thistle | Bradley Arant Boult Cummings LLP on 4/12/2013

On April 4, Birmingham attorney and State Representative Paul DeMarco led the effort to pass the 2013 version of the Alabama Taxpayers’ Bill of Rights II, HB 264. The House of Representatives voted 96-2 in favor of the bill....more

Proposed IRS Regulations Address Community Health Needs Assessment for Tax-Exempt Hospitals

by Mary Mullany, Timothy Mulliner | Ballard Spahr LLP on 4/11/2013

The IRS has recently proposed regulations affecting tax-exempt hospitals that provide guidance and comfort about the consequences of failing to meet the community health needs assessment (CHNA) requirement. ...more

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