By NEO Law Group
The following are some of the highlights from the session on Charitable Purpose in the 21st Century at the 2020 Western Conference on Tax Exempt Organizations (WCTEO): Historical context: Rev. Rul. 71-447: “All charitable trusts, educational or otherwise, are subject to the requirement that the purpose of the trust...
The joint Treasury and IRS 2020-2021 Priority Guidance Plan was published on November 17, 2020. The Plan includes a work list of projects for the 12-month period ending June 30, 2021. The following are some of the key provisions for exempt organizations: Tax Cuts and Jobs Act Regulations on...
The 24th Annual Western Conference on Tax-Exempt Organizations (WCTEO), my #1 go-to conference every year for the past 15 years, will be held virtually on Thursday, December 3, and Friday, December 4. The conference will be focused on the unique issues of these times and, in light of Zoom...
The Internal Revenue Service (IRS) mistakenly revoked tax-exempt status from more than 30,000 organizations for failure to file three consecutive information returns. The error occurred because the IRS automated systems were not properly updated to account for the extension of information return filing dates due to the COVID-19 pandemic....
Final regulations from the Treasury Department were published and made effective on Tuesday, August 11, 2020, regarding the treatment of payments (not charitable contributions) to charitable entities in return for consideration (value). The regulations finalize proposed regulations issued in December 2019 and incorporate previously published IRS guidance. For a...
Generally, 501(c)(3) organizations can make grants to individuals and to businesses if such grants are made in furtherance of their 501(c)(3) tax-exempt purposes and are not expended in a manner inconsistent with 501(c)(3). In Part One of this series, we focused on mission-consistency, charitable class, and prohibited private benefits. In Part Two,...
Generally, 501(c)(3) organizations can make grants to individuals and to businesses if such grants are made in furtherance of their 501(c)(3) tax-exempt purposes and are not expended in a manner inconsistent with 501(c)(3). In Part One of this series, we focused on mission-consistency, charitable class, and prohibited private benefits. In Part...
Generally, 501(c)(3) organizations can make grants to individuals and to businesses if such grants are made in furtherance of their 501(c)(3) tax-exempt purposes and are not expended in a manner inconsistent with 501(c)(3). In Part One of this series, we focused on mission-consistency, charitable class, and prohibited private benefits....
Many charities and foundations have sought to make grants to individuals and grants to businesses that have been severely impacted by the COVID-19 crisis. With close to 2.3 million confirmed cases of COVID-19 and about 45 million persons claiming unemployment in the U.S. over the past few months, the...
On April 24, 2020, the IRS and Treasury Department published proposed regulations under the law commonly referred to as the Tax Cuts and Jobs Act (TCJA) that provide guidance on how a tax-exempt organization subject to unrelated business income tax (UBIT) determines if it has more than one unrelated...