The Corporate Transparency Act (CTA) now requires the vast majority of corporations, limited liability companies and other entities to report information concerning their beneficial ownership to the U.S. Treasury Department’s...more
On Oct. 25, 2023, Governor Hochul signed legislation which updates the Not-for-Profit Corporation Law (NPCL) and authorizes non-membership not-for-profit corporations to classify their boards through their Bylaws (i.e.,...more
On Nov. 21, 2022, Governor Hochul signed legislation which updates the Not-for-Profit Corporation Law (NPCL) to align with modern practices, streamline procedures and eliminate unnecessary regulatory burdens. This is part of...more
Launching a website is one of the most exciting steps in setting up a new nonprofit. But the launch also presents some big questions: What organizational information can or should be made public or kept confidential? Do we...more
Many are seeking ways to aid Florida’s devastated communities in the aftermath of Hurricane Ian. In our prior article, “Informed Giving During Times of Crises,” we described how the tools of the tax lawyer can assist in...more
The New York State Office of the Attorney General’s Charities Bureau has announced that beginning Sept. 19, 2022, all annual filings must be submitted electronically through its online system. As indicated by the Attorney...more
As we previously summarized here, the IRS recently brought much-needed clarity for limited liability companies (LLCs) seeking to be recognized as tax-exempt under Internal Revenue Code Section 501(c)(3). (IRS Notice 2021-56)....more
If you are like most people, you have heard the urgent calls to aid Ukraine and want to help. In a time of crisis like this, new nonprofit organizations and charitable initiatives are launched quickly, with compelling cases...more
Let’s consider a scene that has become increasingly familiar over the past two years:
Nonprofit “A,” an organization exempt from federal income tax under Internal Revenue Code Section 501(c)(3) and headquartered in New...more
With January now in the rearview mirror, many charities have wrapped up their gift acknowledgment letters for 2021, thanking donors for their generosity and assisting them with their preparations for the upcoming tax season....more
Thanks to recently adopted amendments to New York State Labor Law Section 740 (effective January 26, 2022), that greatly expand the scope of the protections provided to employees under that law, New York nonprofits will be...more
With Black Friday, Cyber Monday and Giving Tuesday now behind us, we are once again in the midst of the year-end giving season. But unlike the uncertain date beyond which one should no longer wish others a happy new year, the...more
The nonprofit sector received welcome news last week as Governor Hochul signed two pieces of important legislation: (i) S4817a/A1141a which repeals recently-enacted and redundant state filing requirements, which could have...more
Since their rise to prominence in the 1990s, limited liability companies (LLCs) have become one of the most valuable tools in the corporate lawyer’s toolkit. Amongst all of the possible corporate forms to choose from, LLCs...more
Here’s a situation that has been coming up increasingly for our clients in recent years: There’s a new social movement gaining traction in the community – perhaps a clever hashtag, calls for public support or requests for...more
Among the many forms of relief included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, certain “limited-time only” enhanced tax benefits for charitable giving are of particular note as we head into the end...more
In most years, the IRS’s annual “Dirty Dozen” list of trending tax scams is not required reading for nonprofits. However, as with everything else, this year has proven to be an exception to the rule1: the 2020 Dirty Dozen...more
As previously discussed, the Paycheck Protection Program (PPP) Flexibility Act established an additional safe harbor to the loan forgiveness reductions and full-time equivalent headcounts for the PPP. A borrower’s reduction...more
Gov. Cuomo issued Executive Order 202.18 on April 16, with several important actions of note. Most significantly, the Order continues New York on PAUSE until May 15....more