We received two Internal Revenue Service reports of note in the first week of this new year: (1) the Tax Exempt and Government Entities Fiscal Year 2021 Accomplishments Letter; and (2) the Progress Update Fiscal Year 2021. Here are some excerpts from these reports: Highlights from the TE/GE Accomplishments...
The following are some of the highlights from the 2021 Western Conference on Tax Exempt Organizations (WCTEO), with recognition that these just touch the surface and you’ll get so much more by attending: Lessons from Headlines Donor Advised Funds: Accelerating Charitable Efforts Act (ACE Act) – probably unlikely to be passed...
In the past week, ConstitutionDAO raised over $45 million to bid for a first edition copy of the United States Constitution. Ultimately, they did not win the auction held by Sotheby’s on Thursday, but they put the power and influence of DAOs on the map with heavy national news...
The 25th Annual Western Conference on Tax-Exempt Organizations (WCTEO), my #1 go-to conference every year for the past 16 years, will be held virtually on Thursday, December 2, and Friday, December 3. You can register here. LMU Loyola Law School will hold its 25th-annual Western Conference on Tax Exempt Organizations with...
The joint Treasury and IRS 2021-2022 Initial Priority Guidance Plan was released on September 9, 2021. The Plan includes a work list of projects for the 12-month period ending June 30, 2022 but does not provide for any deadlines. The following are some of the key provisions for exempt...
When a nonprofit organization receives funding, it’s important for it to know if it should classify those incoming funds as receipts from a contract, or receipts from a grant. How the funds are categorized can lead to very different outcomes for the nonprofit organization. For example, the characterization will...
The Internal Revenue Service (IRS) has a page for Applying for Tax Exempt Status that addresses and has links to applications for 501(c)(3), 501(c)(4), and other exempt organizations. Types of Application Forms Applicants for recognition of exemption under Section 501(c)(3) of the Internal Revenue Code (IRC) file either Form...
Whether it be preserving the breathtaking paintings and sculptures in the famous Louvre of Paris, feeding malnourished children in Somalia, or combatting extreme gender inequality in Saudi Arabia, there is no shortage of international causes that might compel U.S. citizens and organizations to want to donate abroad. While a...
Startup charitable nonprofit organizations typically file with IRS for recognition of tax-exempt status under Section 501(c)(3) of the Internal Revenue Code shortly after formation. If an application for such recognition (Form 1023) is filed within 27 months of formation, and approved, the IRS recognizes tax-exempt status retroactively as of...
Earlier this year, the IRS released a private letter ruling (PLR 202119002) on a private foundation’s contemplated grants to three foreign organizations that will each regrant the applicable funds to secondary grantees in furtherance of the private foundation’s 501(c)(3) exempt purposes. While a PLR may not be relied on...