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Baker Donelson

SALT Select Developments - March 2024

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State and local taxes impact almost every taxpayer, and developments in any one jurisdiction can be frequent and sometimes confusing. ln this newsletter edition, we will briefly summarize selected state and local tax (SALT)...more

ArentFox Schiff

Staying on Course: Navigating Election Year Issues for Exempt Organizations

ArentFox Schiff on

With the 2024 election cycle underway, it is important for exempt organizations to understand and comply with relevant restrictions on political campaign activities to safeguard their tax-exempt status and avoid triggering...more

Clark Hill PLC

The Corporate Transparency Act's Impact On Charities and Tax-Exempt Entities

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The Corporate Transparency Act (the “CTA”) became effective on Jan. 1. The CTA’s goal is to reduce money laundering and other financial crimes by requiring the reporting of ownership and control information of businesses...more

Fox Rothschild LLP

Tax Court’s Decision on YA Global Investments Has Implications for Offshore Entities

Fox Rothschild LLP on

The Tax Court’s decision in YA Global Investments LP v. Commissioner in November sends a warning to the offshore banking, finance and equity investment industries: an offshore entity is engaged in U.S. trade or business when...more

Ballard Spahr LLP

Increases to Gift and Estate Tax Exemption, Generation Skipping Transfer Tax Exemption, and Annual Gift Tax Exclusion

Ballard Spahr LLP on

In 2024, the federal estate, gift, and Generation Skipping Transfer tax exemption amount increased from $12.92 million to $13.61 million per individual (a combined $27.22 million for a married couple), representing an...more

ArentFox Schiff

10 Legal Issues for Nonprofit and Association Leadership in 2024

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As 2024 gets underway, the nonprofit sector will continue to face new challenges in addition to grappling with ongoing challenges that continue to impact the sector. Our interdisciplinary team, serving thousands of nonprofits...more

Sherman & Howard L.L.C.

Charities' Activities Attracting Congressional Attention

On two separate occasions in the first two months of 2024, members of Congress have invited IRS scrutiny of tax-exempt charitable organizations for activities that were perceived to be political lobbying. In January,...more

DarrowEverett LLP

‘As Such’: Soroban Case Puts Limited Partnerships Under Tax Scrutiny

DarrowEverett LLP on

In Soroban Capital Partners, LP v. Commissioner, the U.S. Tax Court determined that the exception to net earnings from self-employment in Section 1402(a)(13) of the Internal Revenue Code of 1986, as amended (the “Code”) ...more

Cadwalader, Wickersham & Taft LLP

Guidance on Limited Partnership Exception May Include a Functional Analysis Test

In September, Treasury announced forthcoming guidance that will clarify whether the limited partner exception applies to limited partners that actively participate in their businesses....more

Patterson Belknap Webb & Tyler LLP

January 2024 Legislative Round Up

Recent bills in the U.S. House of Representatives and Senate demonstrate legislators’ concerns about several issues related to nonprofits, including: (1) admissions practices at institutions of higher education; (2)...more

Rivkin Radler LLP

Nothing Lasts Forever –Expiring Tax Provisions

Rivkin Radler LLP on

The Long-Term View- Among its core functions, federal tax policy seeks to encourage those behaviors among businesses that, in the long run, will have a lasting positive effect upon the nation’s economy as a whole. ...more

ArentFox Schiff

The Nonprofit Sector Need Not Apply: The Corporate Transparency Act and its Tax-Exempt Organization Exemptions

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ArentFox Schiff’s clients report being inundated with notices from registered agents and other service providers to comply with the Corporate Transparency Act (CTA), a new law that will require many existing and newly formed...more

Lathrop GPM

The Corporate Transparency Act and Tax-Exempt Organizations

Lathrop GPM on

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

Lathrop GPM

Estate Tax Sunset Encourages Strategic Asset Retitling

Lathrop GPM on

Current tax laws provide historically high exclusion amounts for the federal estate and generation skipping transfer tax. These exclusion amounts, however, are slated to sunset by roughly 50% at the end of 2025. ...more

Kohrman Jackson & Krantz LLP

Limited in Name but Not in Tax? U.S. Tax Court Increases Tax Liability for Limited Partners

Certain limited partners in venture capital and private equity will likely see an increase in their tax liability due to a recent U.S. Tax Court decision. Generally, partners in a partnership and members in a limited...more

Tonkon Torp LLP

Is Your Business Eligible for Portland’s New Tax Breaks?

Tonkon Torp LLP on

A number of clients of my law firm, Tonkon Torp LLP, have asked about the recently-announced city of Portland business license tax break for signing a downtown Portland lease and about the Enterprise Zone tax exemption for...more

Cozen O'Connor

IRS Proposes Helpful Rules for Energy Tax Credits

Cozen O'Connor on

On November 22, 2023, the Internal Revenue Service published proposed regulations concerning Sections 48, 6417, and 6418. These proposed rules would affect the conditions for claiming energy credits, the amount of energy...more

Rivkin Radler LLP

New 2024 Estate and Gift Tax Exemption Amounts

Rivkin Radler LLP on

The federal estate and gift tax exemption (the combined amount you can give away to beneficiaries other than your spouse or charities during life and at death without paying gift or estate tax) is increasing to $13.61 million...more

Rivkin Radler LLP

Activities Contrary to Public Policy – Revoking the Tax Exempt Status of Universities

Rivkin Radler LLP on

It appears that many of the country’s colleges and universities believe they have not already contributed enough to the decline of American education and to the erosion of our society, generally. These institutions of...more

Rivkin Radler LLP

Hospitals and Community Benefit: Senators See a Shortfall

Rivkin Radler LLP on

For many weeks, we’ve been hearing about the IRS’s plans to use the funding provided under the Inflation Reduction Act[i] to increase and expand its compliance and enforcement efforts with respect to the wealthy, high-income...more

Fox Rothschild LLP

Federal Gift Tax Returns: Are You Signing Away the Store?

Fox Rothschild LLP on

It’s almost too simple. Every year at Christmas or Hannukah or Kwanzaa the family gathers around the tree or the seven or nine candles and celebrates the season of giving by making the annual tax-exempt gifts. These are the...more

Alston & Bird

The IRS’s Latest Play on NIL Collectives: Tax-Exempt Status on the Defensive

Alston & Bird on

Our Federal Tax and Exempt Organizations teams tackle the implications of the IRS chief counsel’s conclusion that nonprofit organizations created to pool donations and develop paid name, image, and likeness (NIL)...more

Adler Pollock & Sheehan P.C.

Should You Place Your Home in a QPRT?

If you own your principal residence, you may be able to benefit from its build-up in equity, realize current tax breaks and pocket a sizeable tax-exempt gain when you sell it. What’s more, from an estate planning perspective,...more

Farella Braun + Martel LLP

Nonprofit Quick Tip: State Filings in Massachusetts and Connecticut

Welcome to EO Radio Show – Your Nonprofit Legal Resource. I'm Cynthia Rowland, and episode 55 is the sixth in a series of Quick Tip episodes focusing on the details of state registration of nonprofit corporations. In...more

McGuireWoods LLP

2023 Key Developments Impacting Nonprofits and Donors

McGuireWoods LLP on

The tax-exempt sector employs 29% of the American workforce and controls nearly $53 trillion in assets according to IRS statistics. Tax-exempt organizations also account for about 26% of the $1.5 trillion in federal tax...more

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Updated: Dec 28, 2021:

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Privacy Officer
JD Supra, LLC
150 Harbor Drive, #2760
Sausalito, CA 94965

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Privacy Officer
JD Supra, LLC
150 Harbor Drive, #2760
Sausalito, CA 94965

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Contacting JD Supra

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Updates to This Policy

We may update this cookie policy and our Privacy Policy from time-to-time, particularly as technology changes. You can always check this page for the latest version. We may also notify you of changes to our privacy policy by email.

Contacting JD Supra

If you have any questions about how we use cookies and other tracking technologies, please contact us at: privacy@jdsupra.com.

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