News & Analysis as of September 25, 2024

501(c)(3)

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Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

Weekly IRS Roundup July 15 – July 19, 2024

McDermott Will & Emery on 7/29/2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of July 15, 2024 – July 19, 2024. ...more

The Corporate Transparency Act and Tax-Exempt Organizations

Lathrop GPM on 12/20/2023

Beginning January 1, 2024, many types of legal entities must report information regarding their “beneficial owners” and certain other information (collectively, “BOI”) to the Financial Crimes Enforcement Network (“FinCEN”)....more

Section 501(c)(4) and the Social Welfare Organization

ArentFox Schiff on 7/18/2023

On September 14, 2022, The New York Times published an article detailing the Chouinard family’s transfer of the majority of their ownership interests in Patagonia to a 501(c)(4) nonprofit organization....more

IRS Addresses Non-Exempt Tax Status for NIL Organizations

Ballard Spahr LLP on 6/28/2023

Summary - The IRS recently advised that many organizations that develop paid name, image, and likeness—known as NIL—opportunities for college student-athletes are not eligible for tax-exempt status under Internal Revenue...more

Tax Court in Brief | Commonwealth Underwriting & Annuity Servs. v. Comm’r | Denial of Exemption Under IRC 501(c)(15)

Freeman Law on 3/6/2023

Summary: Commonwealth challenges the IRS’s denial of application for tax exemption under 501(a), claiming, by submission for declaratory judgment, to be an organization described in section 501(c)(15). Commonwealth was...more

Tax Court in Brief | XC Foundation v. Comm’r | Tax Court Jurisdiction and Corporate Capacity to Seek Relief

Freeman Law on 1/10/2023

Summary: XC Foundation (“XC”) was incorporated in California in 2007. In 2008, the IRS issued XC a determination letter recognizing it as exempt from federal income tax under section 501(c)(3) and as a private foundation...more

Yeah, Science! IRS Issues Guidance Section 501(c)(3) Scientific Organizations

Freeman Law on 12/21/2022

In the Netflix series, Breaking Bad, character Jesse Pinkman exclaimed, “Yeah, Science!!” as his meth-lab mentor, Walter White, displayed how chemistry can be used to hone their joint venture. While the activity in which they...more

Tax Court in Brief | Furrer v. Comm'r | Charitable Remainder Trusts; Non-Cash Charitable Contribution Substantiation; Taxability...

Freeman Law on 10/17/2022

Tax Litigation: The Week of September 26th, 2022, through September 30th, 2022 Patitz, Moody v. Comm’r, T.C. Memo. 2022-99 | September 27, 2022 | Weiler, J. | Dkt. No. 2784-19 Powell and Iakovenko v. Comm’r, T.C. Summary...more

Church Status: Can (and should) your religious nonprofit seek church status with the IRS?

Freeman Law on 8/12/2022

Can and should your religious organization seek church status with the IRS? A look at a few pros, cons, and due diligence considerations....more

Tax Exemption and Unrelated Business Income Rules (UBIT): “Substantially Related” (Part 3 of 3)

Freeman Law on 6/21/2022

This Insights blog is Part 3 of a 3-Part series focused on the unrelated business income tax rules for the nonprofit organization that is tax-exempt pursuant to section 501(c)(3) of the Internal Revenue Code (the “Code”)....more

Tax Exemption and Unrelated Business Income Tax (UBIT): Rules, Modifications and Exceptions (Part 2 of 3)

Freeman Law on 6/7/2022

This Insights blog is Part 2 of a 3-Part series focused on the unrelated business income tax rules for the nonprofit organization that is tax-exempt pursuant to section 501(c)(3) of the Internal Revenue Code (the “Code”)....more

Tax Exemption and Unrelated Business Income Tax (UBIT): The Framework (Part 1 of 3)

Freeman Law on 5/31/2022

This Insights blog is Part 1 of a 3-Part series that provides a focused overview of the unrelated business income tax rules for the nonprofit organization that is tax-exempt pursuant to section 501(c)(3) of the Internal...more

The Tax Court in Brief - May 2021

Freeman Law on 5/24/2021

Freeman Law’s “The Tax Court in Brief” covers every substantive Tax Court opinion, providing a weekly brief of its decisions in clear, concise prose. The Week of May 3 – May 7, 2021 - Chancellor v. Comm’r, T.C. Memo....more

Introduction To “Friends Of” Organizations

Goodwin on 3/22/2021

Under § 170(c) of the Internal Revenue Code of 1986 as amended (the “Code”), a U.S. taxpayer may only claim a deduction on his or her federal income tax return for contributions made to 501(c)(3) charitable organizations...more

IRS Requires Electronic Filing of Revised Form 1023 for 501(c)(3) Applications

Snell & Wilmer on 2/5/2020

The IRS recently announced that Form 1023, Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, may only be filed electronically. Although the effective date of the change is January...more

TCJA excise tax on excess executive compensation for nonprofits

Bricker Graydon LLP on 1/10/2019

Beginning with the 2018 tax year, nonprofit organizations that pay their top executives more than $1 million per year are subject to a new 21 percent excise tax. ...more

Personal Planning Strategies - September 2018

Proskauer Rose LLP on 9/10/2018

With over a century of combined experience, the lawyers of Proskauer's Private Client Services Department regularly provide their diverse clientele – from business entrepreneurs and corporate executives to sports figures and...more

After the Dust Settles: Recapping Certain Tax Reform Provisions Affecting Exempt Organizations

Bracewell LLP on 6/1/2018

As is well known, on December 22, 2017, President Trump signed the Tax Cuts and Jobs Act (the “Final Bill”) into law. During the course of this massive legislative effort, various provisions affecting tax-exempt organizations...more

South Carolina Tax Litigation Update: First Quarter 2018

Burr & Forman on 5/3/2018

There were several notable state tax opinions issued by the South Carolina Administrative Law Court, Court of Appeals, and Supreme Court in the 1st quarter of 2018. A number of tax cases are also pending before the Court of...more

RMDs: Another Concern for 403(b) Plans

Burr & Forman on 4/6/2018

Section 403(b) of the Internal Revenue Code of 1986, as amended (the “Code”) authorizes a type of retirement plan that can be sponsored by certain tax exempt organizations (e.g., a Code Section 501(c)(3) organization,...more

Trump’s Tax Reform: Effect on Nonprofits

Bowditch & Dewey on 3/6/2018

The Administration’s frenzy to pass “tax reform” created tax breaks for some—I’m looking at you, the Trump family—increased taxes for others, and confusion for everyone, at least until the IRS is able to promulgate official...more

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

Proskauer - Not for Profit/Exempt... on 11/7/2017

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

Introduction to Tax For Public Finance – Tax Presentation

Orrick, Herrington & Sutcliffe LLP on 3/1/2017

Introduction to Tax for Public Finance - • What is the tax-exemption for state and local bonds? • Types of tax-exempt bonds • Overview of federal income tax requirements... ...more

It’s a Wonderful Life – Or is it? The Taxation of Crowdfunding

Clark Hill PLC on 7/25/2016

Every holiday season, I, like many other Americans, watch Frank Capra’s classic, It’s a Wonderful Life. While the movie has a number of iconic scenes, the most heartwarming scene occurs at the end, as the citizens of Bedford...more

IRS Issues Proposed Regulations for Section 501(c)(3) Tax-Exempt Hospitals Regarding the Community Health Needs Assessment...

Epstein Becker & Green on 4/15/2013

On April 5, 2013, the Internal Revenue Service ("IRS") published proposed regulations ("Proposed Regulations") providing guidance regarding certain aspects of Section 501(r) of the Internal Revenue Code ("Code"), which...more

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Income Taxes › Internal Revenue Service › 501(c)(3)

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