With only weeks left before the 2020 election and U.S. Supreme Court confirmation hearings underway, nonprofit organizations may be considering whether and how they can engage. While some nonprofit organizations may engage in...more
As a result of the coronavirus (COVID-19) pandemic, several legislative and regulatory measures have been promulgated in an effort to assist businesses during the economic downturn. Below is a summary of the most important...more
The Treasury Tribal Advisory Committee (TTAC) on Dec. 3, 2019, will hold its third periodic meeting at the U.S. Department of the Treasury in Washington, D.C. During this meeting, members will: Directly following the TTAC...more
The Tribal Treasury Advisory Committee (TTAC) held its inaugural meeting on June 20, 2019, at the U.S. Department of the Treasury. The TTAC was established by the Tribal General Welfare Exclusion (GWE) Act of 2014 (Pub. L....more
7/1/2019
/ Corporate Governance ,
Employee Retirement Income Security Act (ERISA) ,
IRS ,
Native American Issues ,
Opportunity Zones ,
Public Comment ,
State and Local Government ,
Tax Credits ,
Tax Cuts and Jobs Act ,
Tax Extenders ,
Tribal Corporations ,
Tribal Governments ,
U.S. Treasury
The Internal Revenue Service (IRS) on May 22, 2019, issued much awaited guidance in Notice 2019-39. This Notice allows for refinancings or refundings by Native American tribal governments of Tribal Economic Development bonds...more
• The U.S. Department of the Treasury issued a second tranche of proposed regulations to implement and clarify the new Opportunity Zone Tax Incentive.
• These regulations expand previous guidance issued last October...more
5/10/2019
/ Comment Period ,
Holding Periods ,
IRS ,
New Guidance ,
New Rules ,
Opportunity Zones ,
Original Use ,
Proposed Regulation ,
Qualified Opportunity Funds ,
Reporting Requirements ,
Safe Harbors ,
Tax Cuts and Jobs Act
• Based on a new review of nonprofit hospitals by Senate Finance Committee Chairman Charles Grassley (R-Iowa), a congressional investigation is expected that directly requests a number of specific hospitals to answer...more
2/25/2019
/ 501(c)(3) ,
Affordable Care Act ,
Charitable Organizations ,
Congressional Investigations & Hearings ,
Congressional Oversight ,
Enforcement Actions ,
Health Care Providers ,
Internal Revenue Code (IRC) ,
IRS ,
Non-Profit Hospitals ,
Section 501r ,
Senate Finance Committee ,
Tax Exempt Entities ,
Tax Liability
• With Democrats taking control of the U.S. House of Representatives, tax provisions affecting tribal governments and their members are once again on the table for discussion.
• This notice provides an overview of seven...more
2/5/2019
/ Affordable Care Act ,
Deferred Compensation ,
Estate Planning ,
General Welfare Exclusion ,
Health Insurance ,
Income Taxes ,
Indian Gaming ,
Indian Tribal Trusts ,
Internal Revenue Code (IRC) ,
IRS ,
Minors ,
Native American Issues ,
Non-Taxable Income ,
Opportunity Zones ,
Savings Plans ,
Social Security ,
Tax Audits ,
Tax Benefits ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Planning ,
Tax Reform ,
Taxable Distributions ,
Tribal Governments
• The Internal Revenue Service (IRS) released IRS Notice 2019-09 (Notice) offering guidance under Section 4960 of the Internal Revenue Code as added by the Tax Cuts and Jobs Act.
• Section 4960 applies to certain...more
2/4/2019
/ Comment Period ,
Compensation & Benefits ,
Corporate Taxes ,
Employee Benefits ,
Excise Tax ,
Executive Compensation ,
Golden Parachutes ,
Interim Guidance ,
Internal Revenue Code (IRC) ,
IRS ,
Public Comment ,
Tax Cuts and Jobs Act ,
Tax Exempt Entities ,
Tax Exemptions ,
Tax Planning
• Holland & Knight previously published a three-part series describing the powerful new tax incentive contained in the Tax Cuts and Jobs Act for investments in low-income communities designated as "Opportunity Zones."
•...more
10/23/2018
/ Capital Gains ,
Economic Development ,
Income Taxes ,
Internal Revenue Code (IRC) ,
Investors ,
IRS ,
Low-Income Issues ,
New Guidance ,
Opportunity Zones ,
State and Local Government ,
Tax Cuts and Jobs Act ,
Tax Incentives ,
Tax Reform ,
Tribal Governments ,
U.S. Treasury
• President Donald Trump on Dec. 22, 2017, signed the Tax Cuts and Jobs Act, the first major overhaul of the U.S. tax system in over 30 years.
• Although few of the enacted provisions are specific to Indian Country, several...more
2/26/2018
/ Affordable Care Act ,
General Welfare Exclusion ,
Grantor Trusts ,
Health Insurance ,
Homeowners ,
Income Taxes ,
Indian Gaming ,
Indian Health Service (IHS) ,
Indian Tribal Trusts ,
Internal Revenue Code (IRC) ,
IRS ,
Minors ,
Native American Issues ,
Property Tax ,
Restructuring ,
Safe Harbors ,
SALT ,
State Taxes ,
Tax Audits ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Incentives ,
Tax Rates ,
Tax Reform ,
Taxable Distributions ,
Tribal Governments ,
Tribal Lands ,
Trump Administration
• Part 1 and Part 2 of this series of Holland & Knight alerts described a new tax incentive contained in the Tax Cuts and Jobs Act for investments in low-income communities designated as "Opportunity Zones."
• In Part 3,...more
2/23/2018
/ Business Opportunity Laws ,
Capital Gains ,
Census Bureau ,
Economic Development ,
Investment Funds ,
IRS ,
Low-Income Issues ,
Opportunity Zones ,
Puerto Rico ,
Tax Cuts and Jobs Act ,
Tax Reform ,
Tax-Deferred Exchanges
The Affordable Care Act (ACA) added significant new statutory requirements in 2010 that must be met by all hospitals seeking or maintaining exemption from federal income tax as Section 501(c)(3) organizations (charitable...more
2/9/2018
/ Affordable Care Act ,
Charitable Organizations ,
CHNA ,
Financial Assistance Policies ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Non-Profit Hospitals ,
Section 501r ,
Statutory Requirements ,
Tax Exempt Entities ,
Tax Exemptions
The Internal Revenue Service (IRS) has started issuing the first wave of Letters 226-J informing applicable large employers (i.e., those employers with 50 or more full-time equivalent employees) that they may be liable for an...more
Congress released the "Tax Cuts and Jobs Act" on late Friday evening, Dec. 15, 2017. This version of the bill is the result of a conference committee process to marry the different bills previously passed by the U.S. House of...more
12/20/2017
/ Alternative Minimum Tax ,
Business Taxes ,
Capital Gains ,
Carried Interest ,
Corporate Taxes ,
Depreciation ,
Dividends ,
Estate Tax ,
Foreign Subsidiaries ,
Gift Tax ,
GST ,
Income Taxes ,
IRS ,
Itemized Deductions ,
Net Operating Losses ,
Pass-Through Entities ,
Personal Exemptions ,
Proposed Legislation ,
Section 199 ,
Shareholders ,
Standard Deduction ,
Subpart F ,
Tax Code ,
Tax Credits ,
Tax Rates ,
Tax Reform ,
Trump Administration ,
U.S. Treasury
The 21st Century Cures Act (Cures) signed by President Barack Obama on Dec. 13, 2016, contains a smorgasbord of health-related provisions, from reforming federal mental health policies to increasing funding for medical...more
The Affordable Care Act (ACA) established Health Insurance Marketplaces (also called Exchanges) where individuals can shop and enroll in health coverage. Individuals who meet certain criteria are eligible for premium...more
The Native American Finance Officers Association (NAFOA) held its 34th annual conference on April 17-20, 2016, at the Gila River Indian Community's Sheraton Wild Horse Pass Resort in Phoenix. NAFOA is a national non-profit...more
4/22/2016
/ Affordable Care Act ,
Distribution Rules ,
Energy Projects ,
General Welfare Exclusion ,
Indian Tribal Trusts ,
IRS ,
Native American Issues ,
Oil & Gas ,
Renewable Energy ,
Reporting Requirements ,
Tribal Economic Development Projects ,
Tribal Lands
Section 501(r) of the Internal Revenue Code was added by the Affordable Care Act (ACA) and imposes significant new requirements on charitable hospitals. At a very summary level, this section requires charitable hospitals...more
Applicable large employers have new reporting requirements under the Affordable Care Act (ACA). Whether an employer is an applicable large employer is determined each calendar year by looking at the employer's workforce...more