By NEO Law Group
The IRS released final regulations that clarify (i) the substantive requirements for tax exemption under section 501(c)(3) of the Internal Revenue Code; and (ii) the relationship between the substantive requirements for tax exemption under section 501(c)(3) and the imposition of section 4958 excise taxes on excess benefit transactions. The regulations became effective March 28, 2008. […]
The following list of accomplishments of the Exempt Organizations division of the IRS (EO) in 2006 is excerpted (and slightly modified) from the IRS Letter to colleagues, members of the press and taxpayers dated as of November 7, 2006: Political Campaign Activity. EO responded to increased complaints about political intervention by 501(c)(3) organizations and dramatic […]
The following items are among the priorities of the IRS Exempt Organizations division (EO) for FY 2007: 1. New Projects: implementing new legislation gaming employment taxes telephone excise tax refund community foundations college and university unrelated business income tax (UBIT) 2. Form 990 redesign project. EO’s goal is to have a draft form and instructions […]
My Role “[T]he activities and affairs of the corporation shall be conducted and all corporate powers shall be exercised by or under the direction of the board. The board may delegate the management of the activities of the corporation to any person or persons, management company, or committee however composed, provided that the activities and […]
I attended an excellent presentation on "Form 990: Critical Issues" given by nonprofit financial management consultant Terry Miller for Lorman Education Services on April 18, 2006. Terry’s coverage of Form 990 included the following areas: Tax Overview for 501(c)(3) Public Charities – Regulatory Viewpoint Form 990: Procedural Overview Filing requirements Importance of "complete and accurate" […]
At a January 26, 2006 meeting hosted by the Northern California Planned Giving Council, Janne Gallagher, Vice President and General Counsel of the Council on Foundations, spoke about current legislation affecting the nonprofit sector. Here are some of the highlights: S 2020: Senate Tax Reconciliation Bill Proposals to Increase Giving Nonitemizer Charitable Deduction For gifts […]
For the third consecutive year, I attended the CAN Annual Conference and was again rewarded with excellent presentations, workshops and networking opportunities. I was particularly impressed with the workshop "The Accountability Challenge: What’s Right for Your Organization?" led by CAN Executive Director Flo Green, and the two lunchtime plenaries: "Beyond Tomorrow: The Future of Foundation […]
Session 1 Tax-Exempt StatusJeopardizing 501(c)(3) Status Distinction between "tax-exempt" and "nonprofit" Major types of exempt organizations – charitable/educational/religious; public charity/private foundation; (c)(3) / (c)(4) / … Benefits of tax-exempt status – income tax exemption; possible exemption from state income, sales and property taxes; reduced postal rates offered to some Actions that jeopardize tax-exempt status – […]
Opening Remarks of Sen. Chuck Grassley of Iowa This is a hearing on two important subjects. The first is strengthening the role of charities in this country. The second is closing the tax gap as it relates to charities and charitable giving. Last week the Commissioner of […]
Click here for a discussion of the difference between tax-exempt and tax-deductible on give.org’s website. Section 501(c)(3) vs. Section 170(b)(1)(A): Section 501(c)(3) organizations that are tax-exempt under Section 501(a) are defined as: "Corporations, and any community chest, fund, or foundation, organized and operated exclusively for religious, charitable, scientific, testing for public safety, literary, or educational […]