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Business Organization Nonprofits Tax

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House of Representatives Passes the Tax Cuts and Jobs Act (H.R. 1); Senate Finance Committee Approves Modified Version; Comparison...

by Proskauer - Tax Talks on

Yesterday afternoon, the House of Representatives passed the Tax Cuts and Jobs Act (H.R. 1) (the “House bill”). The House bill is identical to the draft bill approved by the House Ways and Means Committee on November 10. Late...more

Tax Reform: The Shifting Landscape of Executive and Equity Compensation

The House and Senate propose wide-sweeping amendments to the tax rules regarding executive and equity compensation that would affect public and private for-profit companies as well as tax-exempt organizations. The House...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

Senate Tax Proposal Hits Hospitals, Other Exempt Organizations

by King & Spalding on

On November 9, 2017, Republicans on the Senate Finance Committee announced their plan for reforming the Federal tax code, including several provisions that target charitable hospitals and other tax-exempt organizations. Like...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

New Rules for Tax-Exempt Organizations in the Tax Cuts and Jobs Act

House Republican Tax Bill Imposes Excise Tax on Wealthy Private Universities and Excess Compensation of Highly Paid Employees; Subjects State Pension Plans to UBTI Rules - On Thursday, November 2, House Republicans led by...more

Potential Elimination of Future Private Activity Bonds (including Qualified 501(c)3 Bonds), Advance Refundings, Tax Credit Bonds,...

by Miles & Stockbridge P.C. on

On November 2, 2017, the House Committee on Ways and Means released a draft of its Tax Cuts and Jobs Act (the “Tax Bill”). The Tax Bill proposes to eliminate the federal tax exemption of interest income from all private...more

Stop “Partnering” And Begin “Strategically Allying”

by Carlton Fields on

Tax exempt organizations often enter into relationships with other organizations that are collaborative in nature rather than merely quid pro quo. These relationships are frequently referred to as “partnerships” by tax exempt...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

IRS Seeks Applications for Advisory Committee for the Tax Exempt and Government Entities Division

by Bryan Cave on

The IRS is seeking applicants for vacancies on the Advisory Committee on Tax Exempt and Government Entities (ACT). The committee provides advice and public input on the various areas of tax administration served by the Tax...more

Developments in the U.S. Tax Treatment of UK Charities

by DLA Piper on

The Internal Revenue Service has revoked the U.S. tax exempt status of 195 prominent UK charities by posting their names on a website. These UK charities will find it harder to attract support from U.S. individuals and...more

An Overview of Private Charitable Foundations

by Nexsen Pruet, PLLC on

A private foundation is a powerful tool for charitable giving. It is means of advancing your individual, family, or corporate mission and legacy through supporting those causes which you value the most....more

What President Trump’s Executive Order Means for 501(c)(3) Political Activity

by Genova Burns LLC on

Recently, President Trump signed his Executive Order “Promoting Free Speech and Religious Liberty.” It directs the Secretary of the Treasury to exercise discretion to avoid taking any adverse action against an individual,...more

May 15 Is Tax Filing Deadline for Many Tax-Exempt Organizations

This is a reminder that tax-exempt organizations operating on a calendar-year (January 1 – December 31) have a filing deadline for Form 990-series information returns on May 15. To avoid potential penalties or risk of losing...more

We Need a License To . . . Be a Charity?

by Ward and Smith, P.A. on

Wait a minute! Haven't we done everything we're supposed to do? We've clearly defined our charitable mission. We formed our non-profit corporation. We got our 501(c)(3) determination letter from the Internal Revenue Service...more

Jimmy Chen Seminar Attendees and Clients at Risk of Being Investigated for Tax Evasion

by Moskowitz LLP on

This past summer, Jimmy J. Chen, accountant and promoter of private charitable foundations, was charged with six felony counts of tax evasion. From 2009 through 2011, Mr. Chen apparently used his tax-exempt ChenSung Family...more

IRS Notice: Conservation Easements for Charitable Giving

by Bryan Cave on

In Notice 2017-10, the Internal Revenue Service recently issued guidance on syndicated conservation easement transactions presumed to be used as tax shelters. This addition to the “listed transactions” under Section...more

Recent Updates from the Attorney General’s Nonprofit Division

by Foley Hoag LLP on

Several attorneys from the Non-Profit Organizations/Public Charities Division of the Office of the Attorney General (the Division) participated in an engaging panel discussion at the Boston Bar Association last week. The...more

EO Update: e-News for Charities & Nonprofits

by Bryan Cave on

Two new Issue Podcasts available for viewing - Go to the Stay Exempt Issue Podcast page on irs.gov to see Issue Podcasts on: ..When are Commercial-Type Activities a Substantial Nonexempt Purpose for an IRC...more

Tax Court Holds IRC Charitable Contribution Subsection is not Self-Executing in the Absence of Regs

by Blank Rome LLP on

On December 22, 2016, the United States Tax Court (the “Court”) issued 15 West 17th Street LLC v. Commissioner, 147 T.C. No. 19 (2016) and addressed, a question related to the statutory construction of section 170(f)(8),...more

EO Update: e-News for Charities & Nonprofits

by Bryan Cave on

IRS makes approved Form 1023-EZ data available online - The IRS announced today that publicly available information from approved applications for tax-exemption using Form 1023-EZ, Streamlined Application for...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

IRS Issues Clarification for Tax-Exempt Management Contracts - Impact on Healthcare Providers

by Shipman & Goodwin LLP on

In IRS Revenue Procedure 2017-13 (Rev. Proc. 2017-13), the IRS clarifies safe harbor conditions under which a management contract will not result in private business use of a property financed by tax-exempt bonds. By way...more

IRS Releases Updated Form 990-EZ; New Options to Help Exempt Organizations Avoid Errors, File a More Accurate Return

by Bryan Cave on

WASHINGTON — The IRS announced today the release of an updated Form 990-EZ, Short Form Return of Organization Exempt From Income Tax, that will help tax-exempt organizations avoid common mistakes when filing their annual...more

Executive Compensation Alert: IRS Filing and Reporting Requirements for ISO Exercises and ESPP Stock Transfers

by Fenwick & West LLP on

This Client Alert is intended to remind you of certain year-end reporting requirements under Section 6039 of the Internal Revenue Code of 1986, as amended (the “Code”), with respect to stock issued to employees (or former...more

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