By NEO Law Group
Charitable purposes under IRC Section 501(c)(3) include the promotion of social welfare by organizations designed to combat community deterioration and juvenile delinquency. The IRS Exempt Organizations Technical Guide: TG 3-3 Exempt Purpose, Charitable IRC 501(c)(3) (rev. 3/20/23) provides the following description: “Organizations combating community deterioration in a charitable manner provide economic development activities...
Charitable purposes under IRC Section 501(c)(3) include the the promotion of social welfare by organizations designed to defend human and civil rights secured by law. The IRS Exempt Organizations Technical Guide: TG 3-3 Exempt Purpose, Charitable IRC 501(c)(3) (rev. 3/20/23) provides the following description: “(1) Treas. Reg. 1.501(c)(3)-1(d)(2)(iii) includes defending human and civil...
The joint Treasury and IRS Initial 2023-2024 Priority Guidance Plan was released on October 3, 2024. The Plan contains 231 guidance projects that are priorities for allocating Treasury Department and IRS resources during the 12-month period from July 1, 2024 through June 30, 2025. The following are the projects listed for...
The IRS recently published three Technical Guides on supporting organizations, one for each of the types describing the relationship between the supporting organization and its supported organization(s). A supporting organization (“SO”) is described in Section 509(a)(3) of the Internal Revenue Code as a category of 501(c)(3) organizations that does...
It typically takes a nonprofit organization a number of months after it forms to file with the IRS an application for recognition of tax exemption. Then comes the waiting process. It may take many months for the IRS to reply, hopefully with a favorable determination letter recognizing the organization...
A donor advised fund (“DAF”) is generally defined in Section 4966(d)(2)(A) of the Internal Revenue Code as a fund or account On November 13, 2023, the Internal Revenue Service and Treasury Department released proposed regulations on DAFs (the “Proposed Regs”) which has attracted a number of comments and criticisms, including with...
The IRS Tax Exempt & Government Entities Division (TE/GE) recently published its FY 2023 Accomplishments Letter. One segment of customers covered by TE/GE is Exempt Organizations (EO), which includes charities, private foundations, business leagues, labor unions, and veterans’ organizations. The other two segments of customers are Employee Plans and Government Entities. The Accomplishments Letter...
The following are just some of the many highlights from the 2024 Western Conference on Tax Exempt Organizations (WCTEO). Because of a change in the timing of the WCTEO from late fall to late winter, there was no conference in 2023, but that gave us a few more months of developments...
On June 14, 2023, the IRS issued proposed regulations under the Inflation Reduction Act of 2022 (IRA) providing for nonprofit tax-exempt organizations to benefit from certain clean energy credits that would allow them to elect direct payment from the IRS in lieu of a tax credit. Before IRA, tax...
Here are some of the highlights from the American Bar Association Exempt Organizations Committee meeting held on January 19, 2024 as part of the ABA Midyear Tax Meeting. Thanks to all who looked after me when I took a bit of a tumble! Federal Tax Update from the IRS...