For the past 16 years, the U.S. Department of the Treasury’s Office of Tax Policy and the Internal Revenue Service’s joint Priority Guidance Plan has included the issuance of regulations relating to donor advised funds (DAFs)...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
The Internal Revenue Service announced on Sept. 14, 2023, an immediate moratorium on the processing of Employee Retention Credit (ERC) claims that is anticipated to last at least through the end of the year....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
On Aug. 24, 2022, the IRS announced it will provide automatic relief for some taxpayers from penalties for failure to file certain tax returns due for taxable years 2019 and 2020. The IRS stated that it is offering the...more
For nonprofit organizations that report on a calendar-year basis, the May 17, 2021, deadline to file Form 990 and Form 990-T electronically is quickly approaching. Nonprofits should take time to review the recently released...more
With the current economic situation and many businesses forced to scale back or cease operations, individuals, businesses and charitable organizations are looking for ways to help those facing financial hardships. Certain...more
The Internal Revenue Service posted informal guidance on its website to assist nonprofits claiming refunds for previously paid unrelated business income tax associated with the “parking tax” on nonprofits, which was repealed...more
Thousands of nonprofits that provide parking benefits for their employees are subject to a new income tax on those benefits and have only weeks to avoid or minimize that tax liability for 2018. ...more
With tax filing season in full swing, tax-exempt organizations are beginning to determine how much excise tax they may owe on compensation and severance amounts paid to their most highly compensated employees after 2017. The...more
The Treasury Department has proposed new regulations that may hamper numerous state programs offering state income tax credits in return for charitable contributions. Designed to thwart recent state efforts to circumvent new...more
Donor advised funds (DAFs) are among the most-discussed vehicles in the charity world today. Proponents see DAFs as useful alternatives to private foundations and supporting organizations when donors want to provide...more
Last week, the U.S. Department of the Treasury and the Internal Revenue Service issued final regulations concerning the designation and authority of a partnership representative under the centralized partnership audit regime...more
On March 13, 2018, the Internal Revenue Service announced that the 2014 Offshore Voluntary Disclosure Program (OVDP) will terminate on Sept. 28, 2018. This has important implications for U.S. taxpayers that have willfully...more