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
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
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
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
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
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