Author Info for Proskauer - Not for Profit/Exempt Organizations

Proskauer’s 26th Annual Trick or Treat Seminar

Proskauer’s 26th Annual Trick or Treat Seminar was held virtually on Friday, October 29th and discussed timely topics and best practices specifically tailored to the not-for-profit community…more

Best Practices, CARES Act, Charitable Donations, Charitable Organizations, Coronavirus/COVID-19

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IRS Releases Interim Guidance on New Excise Tax on Executive Compensation Paid by Tax-Exempt Organizations

On December 31, 2018, the Department of the Treasury (“Treasury”) and the Internal Revenue Service (the “IRS”) released Notice 2019-09 (the “Notice”), which provides interim guidance under Section 4960 of the Internal Revenue…more

Affordable Care Act, Covered Employees, Executive Compensation, Interim Guidance, IRS

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Richard Corn

U.S. District Court Finds Mayo Clinic Qualifies as an “Educational Organization”; Awards $11.5M UBTI Refund

Tax-exempt organizations, while not generally subject to tax, are subject to tax on their “unrelated business taxable income” (“UBTI”). One category of UBTI is debt-financed income; that is, a tax-exempt organization that…more

Charitable Organizations, Mayo Clinic, Tax Exempt Entities, UBTI

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John Failla

Proskauer’s 24th Annual Trick or Treat Seminar

Proskauer’s 24th Annual Trick or Treat Seminar was held on Wednesday, October 31 and discussed timely topics and best practices specifically tailored to the not-for-profit community. The seminar discussed..…more

401k, 403(b) Plans, Employer Liability Issues, Family and Medical Leave Act (FMLA), Paid Family Leave Law

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Laura Fant

Proskauer’s 24th Annual Trick or Treat Seminar

Proskauer’s 24th Annual Trick or Treat Seminar was held on Wednesday, October 31 and discussed timely topics and best practices specifically tailored to the not-for-profit community. The seminar discussed..…more

401k, 403(b) Plans, Employer Liability Issues, Family and Medical Leave Act (FMLA), Paid Family Leave Law

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Tyler Forni

IRS Releases Interim Guidance on New Excise Tax on Executive Compensation Paid by Tax-Exempt Organizations

On December 31, 2018, the Department of the Treasury (“Treasury”) and the Internal Revenue Service (the “IRS”) released Notice 2019-09 (the “Notice”), which provides interim guidance under Section 4960 of the Internal Revenue…more

Affordable Care Act, Covered Employees, Executive Compensation, Interim Guidance, IRS

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Jacob Friedman

IRS Issues Wake Up Call to Colleges and Universities — Congress to Hold Hearings

The IRS released its Final Report on its five year study of the audit results of colleges and universities. Lois G. Lerner, Director of the Exempt Organizations division of the IRS announced the “long awaited” posting of the…more

Audits, Colleges, Executive Compensation, Exempt Organizations, IRS

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Yomarie Habenicht

New York State Codifies the Johnson Amendment

On October 23, 2019, Governor Andrew M. Cuomo, signed legislation incorporating the federal Johnson Amendment into New York law. As previously described, the Johnson Amendment denies tax-exempt status under section 501(c)(3) of…more

501(c)(3), First Amendment, Free Speech, Governor Cuomo, IRS

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Rita Halabi

IRS Releases Guidance on Requirements for Limited Liability Companies to Qualify as Tax-Exempt Entities

On October 21, 2021, the Internal Revenue Service (the “IRS”) released Notice 2021-56 (the “Notice”), which sets forth the additional requirements a limited liability company (“LLC”) must satisfy to obtain a determination letter…more

501(c)(3), Internal Revenue Code (IRC), IRS, Limited Liability Company (LLC), New Guidance

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Scott Jones

Tax-Exempts May Limit Fund Investments Pursuant to New IRS Guidance on UBTI

On August 21, 2018, the Internal Revenue Service (“IRS”) released Notice 2018-67 (the “Notice”), addressing issues relevant to tax-exempt organizations arising under new Section 512(a)(6) of the Internal Revenue Code (the…more

Controlled Foreign Corporations, GILTI tax, Income Taxes, IRS, NAICS

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Katrine Magas

Final Regulations on Executive Compensation Excise Tax (Section 4960) Carries Forward Most Concepts from Proposal

On January 19, 2021 the Department of the Treasury (“Treasury”) and the Internal Revenue Service (“IRS”) published in the Federal Register Final Regulations (the “Final Regulations”) interpreting the excise tax under Section…more

Compensation & Benefits, Deferred Compensation, Excise Tax, Executive Compensation, Final Rules

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Arnold May

Tax-Exempts May Limit Fund Investments Pursuant to New IRS Guidance on UBTI

On August 21, 2018, the Internal Revenue Service (“IRS”) released Notice 2018-67 (the “Notice”), addressing issues relevant to tax-exempt organizations arising under new Section 512(a)(6) of the Internal Revenue Code (the…more

Controlled Foreign Corporations, GILTI tax, Income Taxes, IRS, NAICS

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Katrina McCann

Proskauer’s 26th Annual Trick or Treat Seminar

Proskauer’s 26th Annual Trick or Treat Seminar was held virtually on Friday, October 29th and discussed timely topics and best practices specifically tailored to the not-for-profit community…more

Best Practices, CARES Act, Charitable Donations, Charitable Organizations, Coronavirus/COVID-19

See all updates »

David Miller

U.S. District Court Finds Mayo Clinic Qualifies as an “Educational Organization”; Awards $11.5M UBTI Refund

Tax-exempt organizations, while not generally subject to tax, are subject to tax on their “unrelated business taxable income” (“UBTI”). One category of UBTI is debt-financed income; that is, a tax-exempt organization that…more

Charitable Organizations, Mayo Clinic, Tax Exempt Entities, UBTI

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Ellen Moskowitz

Attorney General Issues Guidance On State Not-for-Profit Law

On April 13, 2015, the New York Attorney General’s office released two guidance documents addressing key provisions of the New York Not-for Profit Corporation Law (the N-PCL) enacted as part of the Non-profit Revitalization Act…more

Board of Directors, Conflicts of Interest, Corporate Officers, Exemptions, Good Faith

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Jeremy Naylor

Tax-Exempts May Limit Fund Investments Pursuant to New IRS Guidance on UBTI

On August 21, 2018, the Internal Revenue Service (“IRS”) released Notice 2018-67 (the “Notice”), addressing issues relevant to tax-exempt organizations arising under new Section 512(a)(6) of the Internal Revenue Code (the…more

Controlled Foreign Corporations, GILTI tax, Income Taxes, IRS, NAICS

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Amanda Nussbaum

New Legislation Modernizes New York Not-For-Profit Corporation Law

On November 21, 2022, Governor Kathy Hochul signed into law new legislation, which amends certain provisions of the New York Not-For-Profit Corporation Law (the “N-PCL”). The legislation, described in detail below, “modernizes…more

New Legislation, Nonprofits, Quorum

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David Pratt

Proskauer’s 24th Annual Trick or Treat Seminar

Proskauer’s 24th Annual Trick or Treat Seminar was held on Wednesday, October 31 and discussed timely topics and best practices specifically tailored to the not-for-profit community. The seminar discussed..…more

401k, 403(b) Plans, Employer Liability Issues, Family and Medical Leave Act (FMLA), Paid Family Leave Law

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Brianna Reed

Simplification of the Net Investment Income Tax for Private Foundations

On December 20, 2019, President Trump signed into law changes to the private foundation excise tax on net investment income under Section 4940 of the Internal Revenue Code. For purposes of Section 4940, net investment income…more

Consolidated Appropriations Act (CAA), Excise Tax, Income Taxes, Internal Revenue Code (IRC), Net Investment Income

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Stuart Rosow

U.S. District Court Finds Mayo Clinic Qualifies as an “Educational Organization”; Awards $11.5M UBTI Refund

Tax-exempt organizations, while not generally subject to tax, are subject to tax on their “unrelated business taxable income” (“UBTI”). One category of UBTI is debt-financed income; that is, a tax-exempt organization that…more

Charitable Organizations, Mayo Clinic, Tax Exempt Entities, UBTI

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Seth Safra

Final Regulations on Executive Compensation Excise Tax (Section 4960) Carries Forward Most Concepts from Proposal

On January 19, 2021 the Department of the Treasury (“Treasury”) and the Internal Revenue Service (“IRS”) published in the Federal Register Final Regulations (the “Final Regulations”) interpreting the excise tax under Section…more

Compensation & Benefits, Deferred Compensation, Excise Tax, Executive Compensation, Final Rules

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Jurate Schwartz

Proskauer’s 26th Annual Trick or Treat Seminar

Proskauer’s 26th Annual Trick or Treat Seminar was held virtually on Friday, October 29th and discussed timely topics and best practices specifically tailored to the not-for-profit community…more

Best Practices, CARES Act, Charitable Donations, Charitable Organizations, Coronavirus/COVID-19

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Kathleen Semanski

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

501(c)(3), Adjusted Gross Income, Alternative Minimum Tax, Charitable Donations, Charitable Organizations

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Carrie Slaton

U.S. District Court Finds Mayo Clinic Qualifies as an “Educational Organization”; Awards $11.5M UBTI Refund

Tax-exempt organizations, while not generally subject to tax, are subject to tax on their “unrelated business taxable income” (“UBTI”). One category of UBTI is debt-financed income; that is, a tax-exempt organization that…more

Charitable Organizations, Mayo Clinic, Tax Exempt Entities, UBTI

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Colin Wetmore

New Legislation Modernizes New York Not-For-Profit Corporation Law

On November 21, 2022, Governor Kathy Hochul signed into law new legislation, which amends certain provisions of the New York Not-For-Profit Corporation Law (the “N-PCL”). The legislation, described in detail below, “modernizes…more

New Legislation, Nonprofits, Quorum

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Amy Zelcer

IRS Provides Guidance on Unrelated Business Income Tax Refunds

On Friday, December 20, 2019, President Trump signed into law government funding legislation for the 2020 fiscal year that includes a provision repealing Section 512(a)(7), commonly referred to as the “parking tax,” with…more

Amended Tax Returns, Federal Funding, Fringe Benefits, Income Taxes, IRS

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Proskauer - Not for Profit/Exempt Organizations

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