News & Analysis as of

501(c)(3) Income Taxes

Fisher Phillips

How Will Non-Profits Be Impacted by the Big Beautiful Bill? Your Guide to Key Changes Affecting Charitable Giving, Excise Taxes,...

Fisher Phillips on

President Donald Trump signed a massive budget bill last month – the “One Big Beautiful Bill Act” (OBBBA) – and it significantly impacts non-profits and tax-exempt organizations. While some of the new changes may be...more

Proskauer Rose LLP

Wealth Management Update - April 2025

Proskauer Rose LLP on

The April 2025 Section 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 5.00%, which is 0.40% less than the March 2025 rate. The April applicable federal rate (“AFR”) for use with a...more

Farella Braun + Martel LLP

Nonprofit Basics: Unrelated Business Income Tax: Debt Financed Income - Part 3

Welcome to EO Radio Show - Your Nonprofit Legal Resource. I'm Cynthia Rowland, and episode 109 is the third in a series of technical episodes describing the basic principles of the tax on unrelated business income generated...more

Farella Braun + Martel LLP

Nonprofit Basics: Unrelated Business Income Tax: Modifications and Exceptions - Part 2

Welcome to EO Radio Show - Your Nonprofit Legal Resource. I'm Cynthia Rowland, and episode 108 is the second in a series of technical episodes describing the basic principles of the tax on unrelated business income generated...more

Farella Braun + Martel LLP

Nonprofit Basics: Unrelated Business Income Tax: Basic Rules for Charities - Part 1

Welcome to EO Radio Show - Your Nonprofit Legal Resource. I'm Cynthia Rowland, and episode 107 is the first in a series of technical episodes describing the basic principles of the tax on unrelated business income generated...more

Burr & Forman

Tax-Exempt NIL Collectives Warned of “Smarter Enforcement” by IRS in 2025

Burr & Forman on

The Tax Exempt & Government Entities Division (TE/GE) of the Internal Revenue Service (IRS) recently published a program letter outlining the Division’s priorities in fiscal year 2025. The Division lists “tax-exempt...more

McDermott Will & Schulte

Weekly IRS Roundup July 15 – July 19, 2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of July 15, 2024 – July 19, 2024. ...more

Faegre Drinker Biddle & Reath LLP

Fourth Circuit’s Buettner-Hartsoe Ruling and Its Potential Effect on Race-Conscious Criteria in Grantmaking

In late March 2024, in the case of Donna Buettner-Hartsoe v. Baltimore Lutheran High School Association, the U.S. Court of Appeals for the Fourth Circuit considered whether exemption from federal income tax under Internal...more

Lathrop GPM

The Corporate Transparency Act and Tax-Exempt Organizations

Lathrop GPM on

Beginning January 1, 2024, many types of legal entities must report information regarding their “beneficial owners” and certain other information (collectively, “BOI”) to the Financial Crimes Enforcement Network (“FinCEN”)....more

Freeman Law

Nonprofits and Prohibited Inurement (?)

Freeman Law on

It’s always wonderful when Congress includes in a statute a word that practically no one – except maybe tax attorneys – might use in their lifetime, much less in day-to-day parlance: Inure. When was the last time you used the...more

Partridge Snow & Hahn LLP

Gifts of Privately Held Company Interests to a 501(c)(3) Public Charity

Donors with ownership interests in privately held companies (i.e., limited liability companies, corporations, partnerships) have the ability to utilize the interest to make a charitable gift. This strategy becomes...more

ArentFox Schiff

Section 501(c)(4) and the Social Welfare Organization

ArentFox Schiff on

On September 14, 2022, The New York Times published an article detailing the Chouinard family’s transfer of the majority of their ownership interests in Patagonia to a 501(c)(4) nonprofit organization....more

Ballard Spahr LLP

IRS Addresses Non-Exempt Tax Status for NIL Organizations

Ballard Spahr LLP on

Summary - The IRS recently advised that many organizations that develop paid name, image, and likeness—known as NIL—opportunities for college student-athletes are not eligible for tax-exempt status under Internal Revenue...more

Freeman Law

Tax Court in Brief | Commonwealth Underwriting & Annuity Servs. v. Comm’r | Denial of Exemption Under IRC 501(c)(15)

Freeman Law on

Summary: Commonwealth challenges the IRS’s denial of application for tax exemption under 501(a), claiming, by submission for declaratory judgment, to be an organization described in section 501(c)(15). Commonwealth was...more

Freeman Law

Tax Court in Brief | XC Foundation v. Comm’r | Tax Court Jurisdiction and Corporate Capacity to Seek Relief

Freeman Law on

Summary: XC Foundation (“XC”) was incorporated in California in 2007. In 2008, the IRS issued XC a determination letter recognizing it as exempt from federal income tax under section 501(c)(3) and as a private foundation...more

Freeman Law

Yeah, Science! IRS Issues Guidance Section 501(c)(3) Scientific Organizations

Freeman Law on

In the Netflix series, Breaking Bad, character Jesse Pinkman exclaimed, “Yeah, Science!!” as his meth-lab mentor, Walter White, displayed how chemistry can be used to hone their joint venture. While the activity in which they...more

Freeman Law

Tax Court in Brief | Furrer v. Comm'r | Charitable Remainder Trusts; Non-Cash Charitable Contribution Substantiation; Taxability...

Freeman Law on

Tax Litigation: The Week of September 26th, 2022, through September 30th, 2022 Patitz, Moody v. Comm’r, T.C. Memo. 2022-99 | September 27, 2022 | Weiler, J. | Dkt. No. 2784-19 Powell and Iakovenko v. Comm’r, T.C. Summary...more

Freeman Law

Church Status: Can (and should) your religious nonprofit seek church status with the IRS?

Freeman Law on

Can and should your religious organization seek church status with the IRS? A look at a few pros, cons, and due diligence considerations....more

Freeman Law

Tax Exemption and Unrelated Business Income Rules (UBIT): “Substantially Related” (Part 3 of 3)

Freeman Law on

This Insights blog is Part 3 of a 3-Part series focused on the unrelated business income tax rules for the nonprofit organization that is tax-exempt pursuant to section 501(c)(3) of the Internal Revenue Code (the “Code”)....more

Freeman Law

Tax Exemption and Unrelated Business Income Tax (UBIT): Rules, Modifications and Exceptions (Part 2 of 3)

Freeman Law on

This Insights blog is Part 2 of a 3-Part series focused on the unrelated business income tax rules for the nonprofit organization that is tax-exempt pursuant to section 501(c)(3) of the Internal Revenue Code (the “Code”)....more

Freeman Law

Tax Exemption and Unrelated Business Income Tax (UBIT): The Framework (Part 1 of 3)

Freeman Law on

This Insights blog is Part 1 of a 3-Part series that provides a focused overview of the unrelated business income tax rules for the nonprofit organization that is tax-exempt pursuant to section 501(c)(3) of the Internal...more

Bond Schoeneck & King PLLC

Employees Telecommuting Across State Lines? 5 Things Nonprofits Should Know 

Let’s consider a scene that has become increasingly familiar over the past two years: Nonprofit “A,” an organization exempt from federal income tax under Internal Revenue Code Section 501(c)(3) and headquartered in New...more

Freeman Law

The Tax Court in Brief - May 2021

Freeman Law on

Freeman Law’s “The Tax Court in Brief” covers every substantive Tax Court opinion, providing a weekly brief of its decisions in clear, concise prose. The Week of May 3 – May 7, 2021 - Chancellor v. Comm’r, T.C. Memo....more

Goodwin

Introduction To “Friends Of” Organizations

Goodwin on

Under § 170(c) of the Internal Revenue Code of 1986 as amended (the “Code”), a U.S. taxpayer may only claim a deduction on his or her federal income tax return for contributions made to 501(c)(3) charitable organizations...more

Foley & Lardner LLP

Charitable Planning In the Year of a Business Sale – Part 1 of 2

Foley & Lardner LLP on

Business owners who work hard to grow a business and sell it (hopefully, with a substantial windfall) oftentimes focus on philanthropy and making a difference with their new-found wealth. Successful sellers usually recognize...more

53 Results
 / 
View per page
Page: of 3

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide