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Tax Act: New Laws Affecting Tax-Exempt Organizations

by WilmerHale on

The Tax Act contains a number of provisions that significantly affect tax-exempt organizations, in some cases to degrees not seen in decades. In addition, several provisions may indirectly affect tax-exempts, for example, by...more

Tax Reform and Nonprofits: The Law Formerly Known as the Tax Cuts and Jobs Act

by Morgan Lewis on

On December 22, 2017, US President Donald Trump signed H.R. 1, enacting fundamental changes to the US tax law that affect all sectors of the economy, including nonprofits. Earlier this week, the US House of...more

Tax Reform: Key Provisions for Tax-Exempt Organizations

by Ropes & Gray LLP on

After much uncertainty surrounding competing bills, the House of Representatives voted to pass comprehensive tax reform legislation (the “Act”) on December 20, 2017, shortly after the Senate passed the measure. The Act will...more

U.S. Tax Reform – Key Highlights for Private Investment Funds in Tax Cuts and Jobs Act Bill

by Proskauer Rose LLP on

On Friday, December 15, 2017, the Congressional conference committee released a revised version of the Tax Cuts and Jobs Act (the "Tax Bill"). The Senate and the House are expected to vote on the Tax Bill this week. The Tax...more

Compromise Tax Reform Bill

by Stoel Rives LLP on

After the House and Senate passed different versions of a comprehensive tax reform bill, a conference committee convened and released on Friday a compromise version of comprehensive tax reform, the “Tax Cuts and Jobs Act”...more

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

Tax Planning Under the Tax Cuts and Jobs Act: Flow-Throughs Are the Answer to Everything

by Proskauer - Tax Talks on

The tax reform bills introduced in the House of Representatives and the Senate dramatically reduce the corporate tax rate from 35% to 20% and create added incentives for taxpayers to invest capital into U.S. businesses with...more

Tax Reform and Nonprofits: The Devil’s in the Details

by Morgan Lewis on

The Tax Cuts and Jobs Act, currently under consideration in the US House of Representatives and Senate, proposes fundamental changes to the US tax law affecting all sectors of the economy, including nonprofit organizations....more

Senate Tax Overhaul Bill Slaps Tax-Exempt Organizations

by McDermott Will & Emery on

In what can only be described as a brutal attack on the nonprofit sector, the Senate has proposed sweeping changes that would have dramatic adverse effects on all tax-exempt organizations. Whereas the latest version of the...more

2017 N.C. Legislative Session in Review

by Smith Anderson on

The N.C. General Assembly worked into the early morning hours on June 30 to finish its business for the 2017 legislative session. The session officially began January 11 and ran for six months for a total of 93 legislative...more

IRS Warns Schools of Targeted W-2 Phishing Scams

by Shipman & Goodwin LLP on

Originally published in the IRS EO Update: e-News for Charities & Nonprofits newsletter - February 3, 2017. The Internal Revenue Service, state tax agencies and the tax industry issued an urgent alert today to all...more

Year-End Tax Planning with Tax Credit-Funded Scholarships

The Alabama Accountability Act provides state income tax credits to certain donors who make contributions to a state-approved scholarship granting organization (SGO). Alabama’s neediest school children can be helped at little...more

How Election Results Will Impact North Carolina Businesses

by Brooks Pierce on

After a lengthy and contentious campaign, voters have chosen new leaders for our nation and state. Those choices could impact North Carolina businesses in a number of significant ways....more

PTOs – IRS changes may impact tax compliance!

by Shipman & Goodwin LLP on

Small tax-exempt organizations, including many parent-teacher organizations, whose annual gross receipts are less than $50,000 may qualify to file a Form 990-N Electronic Notice (e-Postcard) for Tax-Exempt Organization Not...more

Important Tax Provisions Contained in Acts Extending Highway Trust Fund and Trade Preferences

by Williams Mullen on

On July 31, 2015, President Obama signed P.L. 114-41, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (“Highway Act”), into law. Although the Highway Act is primarily for the purpose of...more

Changes to 2014 Form 990, Form 990-EZ, and Form 990-PF for Exempt Organizations

by McGuireWoods LLP on

While the IRS made only minor changes to Form 990, Form 990-EZ, and Form 990-PF for the 2014 tax year, the IRS made significant revisions to Schedule A. ...more

Alert: Conversion of a Postsecondary Educational Institution from a For-Profit to a Nonprofit, Tax-Exempt Entity

by Cooley LLP on

The recent announcements that Grand Canyon University would explore nonprofit status and that Corinthian Colleges plans to sell a group of schools to a nonprofit entity have encouraged higher education companies to take a...more

Legal Alert: New York Tax Appeals Tribunal Reverses “Distorted” Knowledge Learning Decision and Provides Guidance for Proving...

On September 18, 2014, the New York State Tax Appeals Tribunal (Tribunal) decided its first combination case addressing the 2007 changes to New York’s combined reporting regime: Matter of Knowledge Learning Corporation and...more

IRS Applies 20th Century Analysis To 21st Century Social Organization

by Charles (Chuck) Rubin on

Code §501(c)(7) provides an exemption from federal income tax for clubs organized substantially for pleasure, recreation, and other nonprofitable purposes if no part its net earnings inures to the benefit of a private...more

Perspectives - April, 2014

by Benesch on

In This Issue: - Making Our Downtown Better Every Day - It's Good To "B" In Deleware - The Wonderful World of Limited Liability Companies - Ohio Bill to Allow Schools and Camps to Procure Epinephrine...more

START-UP NY: Creating Tax-Free Zones for High-Tech Startups in New York State

by Goodwin on

In an effort to attract startup companies and leverage the research capacity and workforces available in New York’s colleges and universities, New York State recently established tax-free zones for certain startup companies....more

Junior Goes to College! Innovative Strategies to Save for Your Children's College Education with Pre-Tax Dollars

by Gerald Nowotny on

Overview - The cost of college tuition has gone through the roof. The average cost of a private university can range from $40,000-60,000 per year. The cost of a public university is a lot less in most cases except that...more

July Economic Update Reports $463 million more in Revenue

Minnesota Management and Budget’s (MMB) July Economic Update reported that general fund revenues for FY 2013 have increased $463 million since the February Forecast. This revenue increase must be reconciled by MMB with any...more

Five Years in the Making - IRS Releases Findings from Colleges and Universities Compliance Project

The IRS announced it is nearing completion of a five year long compliance project involving tax-exempt colleges and universities. The project, which began with questionnaires to 400 randomly-selected institutions, focused on...more

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