Fraud Risks at Nonprofit Organizations - Part 1
REFRESH Nonprofit Basics: Navigating the Complex Rules That Describe a Public Charity
REFRESH Nonprofit Basics: Overview of Nonprofit Charitable Organization Types: Corporation, LLC, Trust, Association and Fiscal Sponsorship
Nonprofit Quick Tip: State Filings in New Mexico and Utah
Back to Compliance: Reinstating Tax-Exempt Status for a Charity
REFRESH: Loot and Private Foundation Rules – Part 2
REFRESH: Loot and Private Foundation Rules – Part 1
IRS Dirty Dozen Warnings on Charitable Scams
California Regulation of Charitable Fundraising Platforms Part 2 - Reporting Due Diligence, Recordkeeping, and Disclosure Rules
California Regulation of Charitable Fundraising Platforms: Part I - Definitions
Nonprofit Quick Tip: State Filings in North Carolina and South Carolina
Nonprofit Basics: Unpacking Prudent Investments, PRIs and MRIs
Nonprofit Basics: Scholarship Grant Program IRS Approval Requirements
Nonprofit Quick Tip: State Filings in Rhode Island and New Hampshire
REFRESH Nonprofit Basics: Election Year Issues for Private Foundations and Public Charities - Private Foundation Advocacy
REFRESH Nonprofit Basics: Election Year Issues for Private Foundations and Public Charities - Legislative Lobbying and Advocacy Rules for Public Charities
The New Proposed Regulations on DAFs: Taxable Distributions and the Penalty Tax
Exceptions to the DAF Definition Under the Proposed Regulations
New Proposed Regulations Defining Donor Advised Fund Terms
In the Weeds With New Supporting Organization Regulations
Cryptocurrency has revolutionized the financial markets but also created tax traps for the unwary investor. Building on proposed regulations issued last year, the IRS recently increased its oversight of cryptocurrency...more
McDermott’s Private Client Practice led interactive discussions on a broad range of topics pertinent to ultra-high-net-worth families, their family office representatives and other advisors at our Private Client West Coast...more
Taxpayers can receive significant tax benefits when donating cryptocurrency and other appreciated digital assets to a charity. This article looks at some key considerations to keep in mind as you consider all your options....more
Charities should address several issues when considering whether to accept donations of digital assets, defined to include cryptocurrency, stablecoins, and non-fungible tokens (NFTs)....more
Explosive growth in digital assets has left investors with real questions about how to donate cryptocurrency and non-fungible tokens. That the tax bills are high enough to generate this interest is clear evidence of the gains...more
Despite its recent volatility, cryptocurrency remains a hot topic in philanthropy. Donors continue to look for ways to make charitable contributions that give them tax benefits, and charities continue to look for creative...more
In published guidance, the IRS has confirmed that a “qualified appraisal” is required if a donor of cryptocurrency is claiming an income tax charitable deduction greater than $5,000. This position, set forth in Chief Counsel...more
On January 13, 2023, the IRS issued Chief Counsel Memorandum 202302012 (the “CCM”) establishing new rules for donations of cryptocurrency. In the CCM, the IRS concluded that taxpayers must obtain a ‘qualified appraisal’ if...more
On January 13, 2023, the Internal Revenue Service (IRS) released a memorandum (CCA 202302012) concluding that a qualified appraisal is required when a taxpayer claims a charitable contribution deduction exceeding $5,000 for...more
IRS Chief Counsel Memoranda: Cryptocurrency Donations Above $5,000 Need Qualified Appraisal and No Unrealized Cryptocurrency Loss Without Disposition - Introduction - The IRS recently released two chief counsel...more
Charities increasingly receive inquiries from donors regarding the entity’s willingness to accept cryptocurrency (“crypto”) donations. In the wake of the pandemic, charities should consider ways to diversify fundraising...more
Cryptocurrencies are becoming a larger component of investors' portfolios, especially for millennials and Generation Z, who collectively make up 94 percent of cryptocurrency buyers. While it may seemingly be too early for...more
Although the recent crypto currency market correction has taken some luster off digital coins, the tax implications of owning and transferring these assets are still important to understand. Because crypto currency is not...more
Traditional Financial Firms Expand Reach into Cryptocurrency Sphere - Early this week, a major investment bank announced that it plans to launch a digital asset custody platform later this year. This announcement follows...more
On January 3, 2009, an alternative currency was born, known as Bitcoin—a cryptocurrency or virtual currency secured through digital blockchain technology, allowing electronic monetary transactions from person to person...more
Non-fungible tokens (NFTs) are today’s hottest digital assets. They are also completely ignored by the Internal Revenue Service—to date, at least—even in the agency’s pronouncement on the taxation of cryptocurrencies. In...more
NFTs offer artists, musicians, celebrities, influencers and other creators an opportunity to develop, market and control the future of many types of digital content that they produce. Less understood is how these assets will...more
As the creation of and transactions involving non-fungible tokens (NFTs) have increased dramatically, so has interest in using NFTs as donations to charitable organizations and for other charitable fundraising tools. Given...more
As expected, the Fed kept interest rates unchanged on Wednesday while also signaling that “they would wait to see how the economy fared before making another move”....more
On October 9, 2019, the Internal Revenue Service (IRS) issued long-awaited guidance relating to transactions involving virtual currencies, such as cryptocurrencies. Aligned with the agency’s continuing efforts to enforce tax...more
On 5/30/18, the American Institute of CPAs (AICPA) sent a letter (https://www.aicpa.org/content/dam/aicpa/advocacy/tax/downloadabledocuments/20180530-aicpa-comment-letter-on-notice-2014-21-virtual-currency.pdf) to the IRS...more
In recent months, news of Blockchain technology has filled headlines. The ability of Blockchain—which provides a decentralized means of recording and verifying transactions—to shape the financial sector has been widely...more
The 2018 tax proposals are projected to raise ZAR36 billion. The key changes announced are: Donations tax will increase to 25% in respect of any donations exceeding ZAR30 million. There have been no increases in the corporate...more