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Art, Entertainment & Sports Nonprofits Tax

Read need-to-know updates, commentary, and analysis on Art, Entertainment & Sports issues written by leading professionals.

Updates for Tax-Exempt Organizations from the Senate Bill

Early on December 2, 2017, the Senate passed the Tax Cuts and Jobs Act (the “Senate Bill”). This blog entry describes certain provisions of the Senate Bill that would have the most significant impact on the nonprofit...more

Updates for Tax-Exempt Organizations from the Senate Markup to the Tax Cuts and Jobs Act

Over the last several days, there have been significant developments relating to the Tax Cuts and Jobs Act, the pending tax reform legislation in Congress. On Thursday, a detailed summary of the Senate Finance Committee’s...more

Recent IRS Ruling Creates (Interest)ing Tax Conundrum for Sports Teams Utilizing Personal Seat Licenses

by Stinson Leonard Street on

On June 2, 2017, the Internal Revenue Service (IRS) held in a private letter ruling that proceeds used to a fund portion of the new stadium for the Los Angeles Rams franchise of the National Football League (NFL) and received...more

New Sales Tax Exemption for Georgia Fine Arts Non-Profits

by Taylor English Duma LLP on

On August 21, 2017, the Georgia Department of Revenue released Policy Bulletin SUT-2017-07 providing a sales tax exemption for sales of tickets, fees, or charges for admission to certain fine arts performances or exhibitions...more

Ole Miss Substantially Prevails in Tax Court Case over Taxability of Coach Appearances

by Butler Snow LLP on

Tax exempt organizations must report and pay tax on their “unrelated business income.” Butler Snow recently represented The University of Mississippi (“UM”) in a federal income tax dispute in the United States Tax Court...more

Contributions of Art: Elements of a “Boring” Charitable Contribution Deduction

by M. Robinson & Company, P.C. on

This article highlights some of the more critical income tax issues that taxpayers and their advisors must address when claiming the charitable contribution deduction for the gift of art to art museums. This article does not...more

NFL Gives Up Tax-Exempt Status

Earlier this year, I posted about the possibility that the NFL may lose its tax exempt status. The NFL has decided instead to give up its tax-exempt status. It has been estimated that the tax-exempt status only saved the...more

Recent Developments and Trends for Exempt Organizations

by Ropes & Gray LLP on

Recent months have been eventful for exempt organizations and their advisors. While fundamental tax reform remains a possibility, with a number of proposals on the table that would significantly change the rules for exempt...more

NFL At Risk Of Losing Non-Profit Status?

A recent proposal by U.S. Congressman Jason Chaffetz, the Chairman of the Committee on Oversight and Government Reform, would eliminate the tax-exemption under Internal Revenue Code section 501(c)(6) for professional sports...more

Trends, Pitfalls and Opportunities in Celebrity Philanthropy

by Stinson Leonard Street on

Athletes and celebrities have a long and storied track record with charitable causes. A celebrity can turn an otherwise unknown cause into a charitable powerhouse simply by lending a high profile name and likeness. Today,...more

Recent Developments and Trends for Exempt Organizations

by Ropes & Gray LLP on

2013 was something of a lost year for the Exempt Organizations (EO) Division of the IRS. In the spring, the Division was embroiled in a controversy involving the targeting of conservative advocacy groups that led to the...more

Advanced Estate and Tax Planning for Art and Other Fine Collections

by InKnowVision on

A composite of studies of trust and estate attorneys, trust officers, and financial planners revealed that: • Fewer than 10% of plans for their clients addressed art, antiques, and collectibles • Fewer than 10% used art...more

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