By NEO Law Group
Here are some updates from the California Franchise Tax Board (FTB) affecting nonprofit tax-exempt organizations: Changes Effective January 1, 2021 Form 3500 Application Fee Eliminated – Form 3500 applications received on or after 01/01/2021 will no longer require the $25 application fee. FTB will use the received date as...
The following are some of the highlights from the session on Nonprofits in Distress at the 2020 Western Conference on Tax Exempt Organizations (WCTEO), presented by Erin Bradrick (NEO Law Group), Ofer Lion (Seyfarth Shaw), Tania Moyron (Dentons), and Stephanie Petit (Adler Colvin): Zone of Insolvency, Bankruptcy, and Debt Restructuring Under...
Stay informed of the week’s notable events and shared resources with this curated list of Nonprofit Tweets of the Week. Notable Events of the Week: “President-elect Joe Biden chose Rep. Deb Haaland (D-N.M.) Thursday to serve as the first Native American Cabinet secretary and head the Interior Department, a...
Stay informed of the week’s notable events and shared resources with this curated list of Nonprofit Tweets of the Week. Notable Events of the Week: “The Food and Drug Administration accelerated its timeline for issuing an emergency authorization for Pfizer’s Covid-19 vaccine after President Trump’s chief of staff, Mark...
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...
Stay informed of the week’s notable events and shared resources with this curated list of Nonprofit Tweets of the Week. Notable Events of the Week: “Iran’s top nuclear scientist, who American and Israeli intelligence have long charged was behind secret programs to design an atomic warhead, was shot and...
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...
Stay informed of the week’s notable events and shared resources with this curated list of Nonprofit Tweets of the Week. Notable Events of the Week: “President Trump effectively surrendered his three-week protest of the election results Monday by submitting to the government’s official transition to the incoming Biden administration,...
Earlier this week, Treasury posted an advance copy of the final regulations addressing how a tax-exempt organization subject to unrelated business income tax (UBIT) determines if it has more than one unrelated trade or business, and, if it does, how it calculates unrelated business taxable income (UBTI). The final...
Stay informed of the week’s notable events and shared resources with this curated list of Nonprofit Tweets of the Week. Notable Events of the Week: “With Thanksgiving a week away and coronavirus cases exploding across the country, the Centers for Disease Control and Prevention on Thursday recommended against traveling...