Massachusetts has passed a sweeping $1 billion tax relief package intended to boost the Commonwealth’s affordability and competitiveness. Among other changes, the tax bill doubles the Massachusetts estate tax exemption to $2...more
The Financial Crimes Enforcement Network (FinCEN) has issued final regulations setting out the reporting requirements of the Corporate Transparency Act (CTA). The CTA requires the reporting of beneficial ownership information...more
On December 27, 2020, “The Consolidated Appropriations Act of 2021” (H.R. 133) (the “CAA”) was signed into law by the President. The CAA includes various updates to, and additional funding for, programs established under the...more
1/15/2021
/ 501(c)(3) ,
CARES Act ,
Charitable Deductions ,
Charitable Donations ,
Charitable Organizations ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Federal Grants ,
Financial Aid ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
Tax Deductions ,
Tax Exempt Entities
On March 27, 2020 the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law by the President. The CARES Act includes several provisions that may be beneficial to tax-exempt organizations, including...more
4/8/2020
/ CARES Act ,
Charitable Deductions ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Nonprofits ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
Small Business ,
Tax Credits ,
Tax Exempt Entities ,
Tax Planning ,
Unemployment Benefits
On December 20, 2019 the Taxpayer Certainty and Disaster Tax Relief Act of 2019 (the “Act”) was signed into law by President Trump as part of a broader spending bill. The Act results in two significant changes for tax-exempt...more
The Tax Reform Act of 2017 (the “Act”) has created an opportunity to transfer to younger generations higher levels of assets than previously allowed by federal tax law without paying federal estate or gift taxes. The window...more
On December 20, 2017, Congress sent a major tax reform bill (the Act) to President Trump for signature. Once signed, the Act will result in significant changes for many institutions of higher education. Notably, new excise...more
Case Background -
Brandeis University initiated disciplinary proceedings against a student, John Doe, who allegedly engaged in sexual misconduct with another student, J.C. The two students had been in a romantic...more
As 2015 comes to a close, we remind you to consider making gifts to minimize your potential tax liability and to maximize your use of available exemptions in order to reduce your ultimate estate tax liability. As you may...more
Private Foundation Rules to Remember -
Private foundations must follow a variety of rules to avoid the imposition of potentially onerous penalty taxes on the foundation and its related parties...more
9/15/2015
/ 501(c)(3) ,
Conflicts of Interest ,
Equivalency Determinations ,
Grantors ,
Grants ,
IRS ,
Lobbying ,
Net Investment Income ,
Political Campaigns ,
Private Foundations ,
Public Charities ,
Public Disclosure ,
Qualified Charitable Distributions ,
Self-Dealing ,
Tax Penalties ,
Tax Returns
The Massachusetts Supreme Judicial Court recently ruled that, with few exceptions, trustees have a duty to invest with inflation in mind. While not required to follow an investment advisor’s guidance, they can’t ignore the...more
The Massachusetts Supreme Judicial Court’s recent decision in Morse v. Kraft recognizes, in certain circumstances, a Trustee’s ability to decant trust assets by distributing them to a new trust in lieu of making an outright...more
The Supreme Court’s recent Windsor decision, overturning a section of the Defense of Marriage Act, may allow significant tax savings for certain married same-sex couples. In light of the decision, married same-sex couples,...more