Tax Planning; Tax Minimization
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.
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.
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.
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.
The IRS posted informal guidance on its website to explain how trusts that file Form 990-T and have unrelated business income can claim the deduction.
A district court invalidates the IRS’s donor reporting rule changes.
The IRS issued new procedures for contributions to charitable organizations, including rules for when donors can rely on the information about an organization’s tax-exempt status on the IRS database Tax Exempt Organization Search.
The TCJA added new Sec. 4960, which imposes an excise tax on tax-exempt organizations that pay excessive compensation.
A potential side effect of fewer taxpayers itemizing their deductions is that these taxpayers may choose to reduce or eliminate charitable contributions.
This article describes the requirements for an organization to meet Sec. 115(1).
Proposed regulations could present tax-saving opportunities for qualified organizations that invest in partnerships.
The IRS withdrew proposed regulations that would have allowed charities to file information returns with the IRS and donors instead of providing contemporaneous written acknowledgments of charitable donations.
The IRS announced that it is withdrawing proposed regulations released last September that would have allowed charities to file information returns with the IRS and donors instead of providing contemporaneous written acknowledgments of charitable donations.
The IRS will develop a specific-use information return for donee reporting.
Charities will be allowed to file information returns instead of providing contemporaneous written acknowledgment of charitable donations under proposed regulations issued by the IRS.
Under Sec. 631(b), gains or losses from the sale of standing timber are considered gains and/or losses from the sale of business use property.
The IRS explained that contributions to disregarded SMLLCs wholly owned and controlled by a U.S. charity will be treated as if made directly to the U.S. charity.
The IRS explained that contributions to disregarded SMLLCs wholly owned and controlled by a U.S. charity will be treated as if made directly to the U.S charity.
Many tax-exempt organizations have formed single-member limited liability companies (SMLLCs) as integral parts of their entity structure. However, SMLLCs with employees have new reporting requirements effective January 1, 2009.
