In the tax world, when someone refers to a “charitable” organization, it is likely they are using the term in its generally accepted legal sense to include not-for-profit corporations or charitable trusts that are organized...more
8/13/2025
/ 501(c)(3) ,
Charitable Organizations ,
Excise Tax ,
Executive Compensation ,
Exemptions ,
New Legislation ,
Nonprofits ,
Private Foundations ,
Public Charities ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Exemptions ,
Unrelated Business Income Tax
Few provisions of the Code have a single, clear meaning that leaves no room for interpretation. Even many of those that, on the surface, appear fairly straightforward, are usually open to alternative “understandings.”...more
4/11/2025
/ 501(c)(3) ,
Charitable Organizations ,
Employer Liability Issues ,
Employment Tax ,
Enforcement ,
Enforcement Actions ,
Internal Revenue Code (IRC) ,
Nonprofits ,
Penalties ,
Tax Exemptions ,
Tax Liability
Charitable organizations are dependent, in no small part, upon the financial support of many successful business owners. The generosity of these individuals and their organizations may be a manifestation of several factors...more
3/21/2025
/ Business Ownership ,
Charitable Organizations ,
Closely Held Businesses ,
Compliance ,
Estate Planning ,
Family Businesses ,
Internal Revenue Code (IRC) ,
IRS ,
Partnerships ,
Private Foundations ,
Tax Avoidance ,
Tax Deductions ,
Tax Planning
According to the New York City Comptroller, the City collected approximately $1.13 billion in Real Property Transfer Tax (“RPTT”) in the FY 2024. The Comptroller’s Office has forecast that $1.21 billion of RPTT will be...more
2/27/2025
/ Charitable Organizations ,
City of New York ,
Exempt Organizations ,
Limited Liability Company (LLC) ,
Nonprofits ,
Real Estate Transactions ,
Real Estate Transfers ,
Tax Exempt Entities ,
Tax Exemptions ,
Tax Liability ,
Transfer Taxes
Many successful business owners attribute some part of their success to their community. For some of these owners, it is not enough to simply acknowledge this “debt”; they feel an obligation to share some of their financial...more
2/10/2025
/ Business Entities ,
Charitable Organizations ,
Compliance ,
Corporate Governance ,
Donations ,
Enforcement Actions ,
Internal Revenue Code (IRC) ,
IRS ,
Limited Liability Company (LLC) ,
Loans ,
Nonprofits ,
Private Foundations ,
Tax Exempt Entities ,
Tax Liability ,
Tax Planning
For many weeks, we’ve been hearing about the IRS’s plans to use the funding provided under the Inflation Reduction Act[i] to increase and expand its compliance and enforcement efforts with respect to the wealthy, high-income...more
10/27/2023
/ Affordable Care Act ,
Charitable Donations ,
Charitable Organizations ,
Excise Tax ,
Hospitals ,
Income Taxes ,
Inflation Reduction Act (IRA) ,
IRS ,
Medicaid ,
Reporting Requirements ,
Tax Deductions ,
Tax Exemptions
Faulty Framework?
The question posed above is not intended to be rhetorical. Rather, it is one that the owners of a closely held business should consider thoroughly before transferring or committing any business assets to...more
8/4/2023
/ Charitable Donations ,
Charitable Organizations ,
Charitable Trusts ,
Closely Held Businesses ,
Fair Market Value ,
Family Businesses ,
For-Profit Corporations ,
IRS ,
Nonprofits ,
Public Charities ,
S-Corporation ,
Tax Court ,
Tax Deductions
“Show Me the Money”-
Much has been written in recent months about how well the investment portfolios of private foundations have performed over the last several years.
For example, a study conducted by the Council on...more
10/12/2022
/ Bipartisan Budget Act ,
Business Income ,
C-Corporation ,
Charitable Organizations ,
Closely Held Businesses ,
Distribution Rules ,
Donor-Advised Funds (DAFs) ,
Internal Revenue Code (IRC) ,
Investment Portfolios ,
IRS ,
Private Foundations ,
Required Minimum Distributions ,
S-Corporation ,
Tax Deductions ,
Tax Liability
Please join us as Louis Vlahos and Bernadette Kasnicki provide a refresher on preparing Form 990, the tax return for tax-exempt organizations. We will review…...more