By NEO Law Group
Prompted by a conversation among nonprofit leaders about the public’s and media’s general lack of knowledge about nonprofits, this article targeted at journalists briefly discusses some basics of federal tax laws applicable to 501(c)(3) organizations and common state corporate and charitable trust laws applicable to nonprofits. Internal Revenue Code Section 501(c)(3) Exempt Purposes A 501(c)(3) organization […]
In Avengers: Age of Ultron, Captain America made reference to bylaws in stating that there were no restrictions against relationships between members. This of course proves that The Avengers are not only a superhero team that saves the world on a regular basis but also a nonprofit corporation. Here is the way the startup process must have […]
A 501(c)(3) organization is presumed to be a private foundation unless it qualifies as a public charity. As discussed in a previous post and on our short YouTube clip, public charity classification is generally far more advantageous due to the burdensome rules and restrictions applicable to private foundations. Most 501(c)(3) organizations qualify as public charities under Section […]
If your for-profit company is interested in starting a related nonprofit, here are 7 initial considerations to take into account before moving forward: 1. Are you properly intentioned? A nonprofit exempt under 501(c)(3) of the Internal Revenue Code must have a charitable, educational, or other 501(c)(3)-consistent purpose and must not be operated for the benefit of […]
2014 was another year full of events affecting the nonprofit sector in the United States. Nonprofits were at the forefront of movements issuing demands for reform and played a critical role in achieving successes in areas such as marriage equality and immigration. They also helped to increase awareness of inequalities and injustices that still exist […]
Representing nonprofit organizations can be incredibly rewarding but challenging on many levels. Last month, Gene shared the tips and traps of representing tax-exempt organizations regarding corporate, tax, and other issues in a podcast hosted by West LegalEdCenter. Here is a summary of his many enlightening and constructive points: Traps Failing to inform the client at […]
National Volunteer Week was an eventful one which included Equal Pay Day, the Wharton | San Francisco Social Impact Conference, and the Skoll World Forum! Have a listen to Miri Ben-Ari (who was featured at the Skoll World Forum) perform We Gonna Win while perusing this week’s tweets on nonprofits, philanthropy, governance and social […]
On February 26, 2014, Rep. Dave Camp (R-MI), the Chairman of the Ways and Means Committee, released a draft proposal for comprehensive tax reform. The almost 1,000 page document contains significant changes that will affect individuals, for-profit corporations, and tax-exempt entities. Camp’s proposals will likely be debated throughout the year, but it is imperative that […]
Day Two of the Independent Sector Public Policy Action Institute kicked off with a session on tax reform moderated by Kyle Caldwell, Charles Stewart Mott Foundation, and divided into five hot topics. Charitable Deduction. Richard Schmalbeck, Duke University School of Law, discussed the availability of a charitable contribution deduction only to itemized filers and the […]
This week's selection of nonprofit tweets is coming from Seattle, where I'm attending the Fourth Annual Private Foundation National Conference. Have a listen to local group The Postal Service perform Such Great Heights while perusing the list: Nonprofit Quarterly: Congress stumbles toward a sharper understanding of what happened at the IRS http://ow.ly/liC2J Rick Cohen: […]