The proposed One Big Beautiful Bill Act (OBBBA) introduces sweeping tax changes that will significantly impact nonprofit organizations. While the bill aims to encourage charitable giving through a new universal deduction...more
Rhode Island nonprofits holding sales tax exemption certificates are reminded to file their renewal applications before the upcoming deadlines to maintain their tax-exempt status and comply with updated requirements. Sales...more
On March 21, 2025, the Financial Crimes Enforcement Network issued an interim final rule exempting all U.S. entities and their beneficial owners from beneficial ownership information (BOI) reporting requirements under the...more
In a February 27, 2025 press release, FinCEN announced that despite the updated March 21, 2025 beneficial ownership information (“BOI”) report filing deadline, the agency will not issue any fines or penalties or take any...more
3/7/2025
/ Beneficial Owner ,
Business Entities ,
Business Ownership ,
Compliance ,
Corporate Transparency Act ,
Enforcement Actions ,
Filing Deadlines ,
FinCEN ,
Regulatory Requirements ,
Reporting Requirements ,
U.S. Treasury
On February 18, 2025, a Texas federal district court judge stayed the nationwide preliminary injunction on the enforcement of the Corporate Transparency Act (CTA), reinstating beneficial ownership information (BOI) reporting...more
2/21/2025
/ Beneficial Owner ,
Business Entities ,
Business Ownership ,
Compliance ,
Corporate Governance ,
Corporate Transparency Act ,
Enforcement Actions ,
Filing Deadlines ,
FinCEN ,
Regulatory Requirements ,
Reporting Requirements
By Lawrence Sheh, Brian Reilly, and Madeline Ursini The U.S. Court of Appeals for the Fifth Circuit has reinstated a nationwide preliminary injunction on the enforcement of the Corporate Transparency Act (the “CTA”). The...more
12/31/2024
/ Beneficial Owner ,
Business Entities ,
Business Ownership ,
Compliance ,
Corporate Transparency Act ,
Filing Requirements ,
FinCEN ,
Preliminary Injunctions ,
Regulatory Requirements ,
Reporting Requirements ,
Stays
On December 23, 2024, the 5th U.S. Circuit Court of Appeals granted a stay of the nationwide preliminary injunction granted earlier this month blocking the enforcement of the Corporate Transparency Act (the “CTA”). As a...more
12/27/2024
/ Beneficial Owner ,
Business Entities ,
Business Ownership ,
Compliance ,
Corporate Transparency Act ,
Deadlines ,
Filing Requirements ,
FinCEN ,
Preliminary Injunctions ,
Regulatory Requirements ,
Reporting Requirements ,
Stays
OpenAI, an artificial intelligence research nonprofit, has recently garnered media attention for considering a restructuring strategy involving the formation of a taxable subsidiary....more
On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction temporarily blocking enforcement of the Corporate Transparency Act (the “CTA”). This ruling halts the...more
This is a reminder that the January 1, 2025 deadline for filing a Beneficial Ownership Information (BOI) report under the Corporate Transparency Act (CTA) is approaching. Failure to timely file with the U.S. Treasury’s...more
In Connelly vs. United States (602 U.S. 257, June 6, 2024), the Supreme Court unanimously ruled that in a redemption of a deceased shareholder’s shares of stock, the corporation’s fair market value should include the proceeds...more
Under the Inflation Reduction Act (IRA), nonprofit entities, including nonprofit independent schools, are now eligible to receive payment in lieu of tax credits for solar photovoltaic (PV) systems. This extension of the IRA...more
On March 5, 2024, the U.S. Department of Education (the “Department”) announced that Liberty University (“Liberty”) has agreed to pay a fine of $14 million for material and ongoing violations of the federal Clery Act. This...more
4/2/2024
/ Clery Act ,
Colleges ,
Department of Education ,
Educational Institutions ,
Federal Funding ,
Fines ,
FSA ,
Investigations ,
Reporting Requirements ,
Sexual Assault ,
Universities
This is a reminder that pursuant to the Corporate Transparency Act (“CTA”), most new and existing business entities are required to submit a beneficial ownership information (“BOI”) report to the Financial Crimes Enforcement...more
The IRS recently issued proposed regulations describing rules for eligible taxpayers that may now elect to transfer certain clean energy credits to unrelated third parties under Section 6418 of the Internal Revenue Code (IRC)...more
On October 24, 2023, representatives of the Treasury, the Federal Reserve, and the Federal Deposit Insurance Corporation released their final rule with respect to the Community Reinvestment Act (CRA), which is intended to...more
Beginning on January 1, 2024, the vast majority of new and existing business entities will become subject to beneficial ownership information reporting requirements under the Corporate Transparency Act and its related rules...more
The U.S. Department of Education launched a civil rights investigation into Harvard University’s (“Harvard”) use of legacy and donor admissions preferences, following the United States Supreme Court’s recent decision to...more
On June 29, 2023, the Supreme Court of the United States determined the constitutionality of the race-based admissions policies employed by Harvard College and the University of North Carolina in the landmark cases Students...more
7/10/2023
/ Affirmative Action ,
College Admissions ,
Colleges ,
Diversity ,
Equal Protection ,
Fourteenth Amendment ,
Race Discrimination ,
SCOTUS ,
Students for Fair Admissions v Harvard College ,
Students for Fair Admissions v University of North Carolina ,
Universities
On May 18, 2023, in Twitter, Inc. v. Taamneh et al., the United States Supreme Court ruled against an Islamic State of Iraq and Syria (“ISIS”) attack victim’s family who sought to hold Twitter, and other social media...more
6/12/2023
/ Aiding and Abetting ,
Antiterrorism Act ,
Communications Decency Act ,
Free Speech ,
ISIS ,
Online Platforms ,
SCOTUS ,
Section 230 ,
Social Media ,
Terrorist Acts ,
Twitter ,
Website Owner Liability ,
Websites
The Department of Commerce’s Bureau of Economic Analysis (“BEA”) conducts a benchmark survey on foreign direct investment every 5 years. The BE-12 survey is the BEA’s most comprehensive survey and produces statistics on the...more