On March 27, 2024, in a long-awaited decision that carries major implications for 501(c)(3) organizations and independent schools, the Fourth Circuit held that an independent school’s 501(c)(3) tax-exempt status did not...more
When serving on a nonprofit board, directors are required by state law to discharge certain fiduciary duties, including the duties of care and loyalty. These directors are entrusted with ensuring that the organization carries...more
The tax-exempt sector employs 29% of the American workforce and controls nearly $53 trillion in assets according to IRS statistics. Tax-exempt organizations also account for about 26% of the $1.5 trillion in federal tax...more
As the end of 2022 approaches, many individuals, families and businesses consider making donations to their favorite charities. In light of recent judicial decisions enforcing “strict requirements” to claim tax deductions for...more
Last month, Congress retroactively repealed the provision of the 2017 Tax Act that imposed unrelated business income tax on nonprofits that provided qualified transportation fringe benefits to employees....more
When donors place restrictions on the ability of 501(c)(3) organizations to use funds, directors must exercise care to meet their duties and responsibilities under state law....more