In connection with the war in Ukraine, the United States has significantly enhanced its sanctions against the Russian Federation. However, the Department of the Treasury’s Office of Foreign Asset Control (“OFAC”) recently...more
Start-up and early stage companies commonly offer equity compensation to attract talent, encourage employee retention, and align company and employee interests on business objectives. There are several different types of equity...more
Estate planning strategies for founders are typically focused on saving both income taxes and estate taxes. Income tax savings can be achieved by creating and funding multiple trusts with company stock that duplicate any...more
Proposals to significantly change the rules surrounding donor advised funds (“DAFs”) and private foundations have been introduced in the House of Representatives. The Accelerating Charitable Efforts Act (the “Act”), which...more
On July 1, the Supreme Court issued a major decision concerning nonprofit donor disclosure laws and the First Amendment. In Americans for Prosperity Foundation v. Bonta, No. 19-251, the Court held that a California law...more
7/8/2021
/ Americans for Prosperity Foundation (AFP) v. Bonta ,
California ,
Charitable Donations ,
Charitable Organizations ,
Disclosure Requirements ,
Donor Lists ,
Donors ,
First Amendment ,
Freedom of Association ,
Mandatory Disclosure Rules ,
Nonprofits ,
SCOTUS ,
Tax Exempt Entities
On June 9, 2021, United States Senators Angus King (Ind.-MA) and Charles Grassley (R-IA) announced plans to introduce the “Accelerating Charitable Efforts Act” or the “ACE Act” (the “Act”) which, if adopted, would implement...more
In an effort to provide additional relief in response to the COVID-19 emergency, the Internal Revenue Service and the New York Attorney General’s Charities Bureau have announced filing extensions for exempt organizations. ...more
On April 6, 2020, the Small Business Administration (the “SBA”) in consultation with the Department of the Treasury released additional guidance reflecting the implementation of the Paycheck Protection Program (“PPP”) of the...more
The newly enacted Coronavirus Aid, Relief, and Economic Security Act (commonly known as the “CARES Act”) offers a wide range of benefits and incentives to help businesses weather the economic downturn caused by COVID-19. ...more
The newly enacted Coronavirus Aid, Relief, and Economic Security Act (commonly known as the “CARES Act”) includes provisions designed to encourage charitable contributions of cash, by allowing individual donors to charities...more
As we have previously reported, charitable organizations and employers are able to play an important role in providing disaster relief in response to the COVID-19 crisis. During this crisis, individuals may be seeking new...more
As we previously reported, charitable organizations are able to play an important role in providing disaster relief in response to the COVID-19 crisis. Special rules are relevant to employers that wish to provide hardship...more
The spread of the novel coronavirus (COVID-19) has caused dramatic upheaval to public health, social relations, and the economy. ...more
Just in time for the holidays, Congress gave two gifts to tax-exempt organizations as part of the new government funding bill signed into law on December 20, 2019....more
As we previously reported, the Tax Cuts and Jobs Act, which was signed into law at the end of 2017, imposes an excise tax on certain tax-exempt organizations equivalent to 21% of “excess compensation” (including certain...more
As we previously reported, the 2017 tax reform bill instituted an excise tax on the investment income of certain private colleges and universities under new Section 4968 of the Internal Revenue Code (the “Code”). ...more
In recent months, news of Blockchain technology has filled headlines. The ability of Blockchain—which provides a decentralized means of recording and verifying transactions—to shape the financial sector has been widely...more
A last minute addition to the budget appropriations bill enacted by Congress this month has created new opportunities for philanthropic planning. Section 41110 of the bill creates a limited exception from the private...more
After a short period of deliberations by the House of Representatives (the “House”) and the Senate, President Trump signed the final version of H.R. 1 into Public Law No. 115-97 on December 22, 2017 (the “New Law”). The New...more
1/18/2018
/ Charitable Donations ,
Charitable Organizations ,
Compensation & Benefits ,
Corporate Taxes ,
Excise Tax ,
Executive Compensation ,
Fringe Benefits ,
Income Taxes ,
New Legislation ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Exempt Entities ,
Tax Rates ,
Tax Reform ,
Trump Administration
The Internal Revenue Service (the “IRS”) has issued Notice 2017-73 (the “Notice”) which outlines approaches the Department of the Treasury (“Treasury”) and the IRS are considering with respect to the regulation of certain...more
12/8/2017
/ 501(c)(3) ,
Charitable Donations ,
Charitable Organizations ,
Compensation & Benefits ,
Distribution Rules ,
Donor-Advised Funds (DAFs) ,
Internal Revenue Code (IRC) ,
IRS ,
Philanthropy ,
Private Foundations ,
U.S. Treasury
On November 2, 2017, House Ways and Means Committee Chairman Kevin Brady (R-TX) introduced H.R. 1, the “Tax Cuts and Jobs Act” (the “Initial House Bill”). Our previous alert discussed the possible impact of certain provisions...more
12/4/2017
/ 501(c)(3) ,
Educational Institutions ,
Excise Tax ,
Executive Compensation ,
Income Taxes ,
Johnson Controls ,
Legislative Agendas ,
Political Campaigns ,
Proposed Legislation ,
Royalties ,
Tax Deductions ,
Tax Exempt Entities ,
Tax Rates ,
Tax Reform ,
Trump Administration ,
UBIT
On November 2, 2017, House Ways and Means Committee Chairman Kevin Brady (R-TX) introduced H.R. 1, the “Tax Cuts and Jobs Act” (the “Bill”). At over four hundred pages, the Bill promises substantial changes to the Internal...more
11/8/2017
/ Adjusted Gross Income ,
Charitable Deductions ,
Charitable Donations ,
Charitable Organizations ,
Churches ,
Compensation & Benefits ,
Donor-Advised Funds (DAFs) ,
Employee Housing ,
Executive Compensation ,
Internal Revenue Code (IRC) ,
IRS ,
Museums ,
Philanthropy ,
Political Campaigns ,
Political Contributions ,
Private Foundations ,
Proposed Legislation ,
Religious Institutions ,
Tax Code ,
Tax Exempt Entities ,
Tax Rates ,
Tax Reform ,
Tax-Exempt Bonds ,
Trump Administration ,
Tuition
This morning, the Office for Civil Rights of the Department of Education issued a “Dear Colleague” letter rescinding the Obama administration’s school sexual assault guidance. The Department also issued a new set of...more
9/22/2017
/ Colleges ,
Department of Education ,
Educational Institutions ,
Federal Funding ,
Gender-Based Violence ,
OCR ,
Regulatory Oversight ,
Reporting Requirements ,
Sexual Assault ,
Sexual Harassment ,
Students ,
Title IX ,
Universities
Among the many elements of corporate housekeeping and compliance that demand the time and attention of directors and officers (and staff), minutes often seem like a burden. No one doubts that minutes matter. A...more
Earlier last week we reported on proposed bills regarding the repeal or modification of the “Johnson Amendment” which established the absolute prohibition on political campaign activity by 501(c)(3) charitable organizations. ...more