Tax-Exempt Organizations
Two recently published IRS letter rulings provide helpful informal guidance for private nonoperating foundations, particularly ones that receive and/or make grants from or to other private foundations.
This item discusses the IRS’s revocation decision and its implications.
This item discusses key tax considerations for donors and charitable organizations that wish to give or receive digital asset donations.
As long as certain rules are followed, scholarship grants can be nontaxable to both the exempt private foundations granting them and the recipients of the grants.
Exempt organizations often dedicate resources to complying with federal tax laws but may not recognize the complexity of state and local sales and use taxes.
Citing processing delays, the IRS suspends 10 late-filing notices to tax-exempt organizations.
The IRS clarified the standards that an LLC must satisfy to obtain a determination letter that it is exempt from taxation under Sec. 501(c)(3).
This item discusses the IRS position allowing the unrelated activities to be substantial so long as they are not the organization’s “primary purpose,” while also acknowledging the confusion and uncertainty on this point.
To help exempt organizations “silo,” or separately compute, their unrelated business or trade income, three experts who will be giving a presentation on the topic at the upcoming Not-for-Profit Industry Conference offer their thoughts.
The IRS issued final regulations on the excise tax on excess remuneration over $1 million paid by tax-exempt organizations, finalizing proposed regulations with a few changes in response to comments.
IRS regulations discuss how an exempt organization calculates unrelated business taxable income if it has more than one unrelated trade or business.
The IRS issued final regulations on the excise tax on excess remuneration over $1 million paid by tax-exempt organizations, finalizing proposed regulations with a few changes in response to comments.
Tax-exempt Sec. 501(c)(3) charities, public schools, and certain other entities can generally adopt either Sec. 403(b) or Sec. 401(k) retirement plans. While the rules applying to these plans are often substantially the same, there are many significant differences.
The president and a director of a not-for-profit is not its beneficial owner and cannot be a shareholder of it.
The IRS has posted final regulations governing how tax-exempt organizations determine if they have more than one unrelated trade or business for purposes of unrelated business income tax.
The article discusses the June 2020 proposed regulations and how they compare to the prior guidance in Notice 2018-99.
The IRS issued proposed regulations implementing changes to Sec. 274 that disallow a deduction for the expense of any Sec. 132(f) qualified transportation fringe provided to an employee, effective for amounts paid or incurred after Dec. 31, 2017.
The IRS finalized regulations permitting tax-exempt organizations other than Sec. 501(c)(3) orgs. to omit the names of substantial donors when filing Forms 990.
The IRS issued proposed regulations on how to identify separate trades or businesses to determine a tax-exempt organization’s unrelated business taxable income under new rules that require different trades or businesses to be reported separately or siloed.
The IRS issued proposed regulations implementing changes to Sec. 274 that disallow a deduction for the expense of any Sec. 132(f) qualified transportation fringe provided to an employee, effective for amounts paid or incurred after Dec. 31, 2017.
