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Charitable Organizations Internal Revenue Service Reporting Requirements

White & Case LLP

Tax-Exempt Organizations Should Prepare Now For An IRS Tax Audit

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It is an uncertain time to be a tax-exempt public charity or private foundation. The federal government has recently scrutinized certain tax-exempt organizations (see here), and draft congressional legislation proposed a tax...more

Clark Hill PLC

The Corporate Transparency Act's Impact On Charities and Tax-Exempt Entities (Updated)

Clark Hill PLC on

The Corporate Transparency Act (the “CTA”) became effective Jan. 1, 2024. The CTA’s goal is to reduce money laundering and other financial crimes by requiring the reporting of ownership and control information of businesses...more

Rivkin Radler LLP

Hospitals and Community Benefit: Senators See a Shortfall

Rivkin Radler LLP on

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

McDermott Will & Emery

NFTs and Charitable Fundraising: Navigating Tax Hurdles

McDermott Will & Emery on

As the creation of and transactions involving non-fungible tokens (NFTs) have increased dramatically, so has interest in using NFTs as donations to charitable organizations and for other charitable fundraising tools. Given...more

Bowditch & Dewey

Tax Tips for GoFundMe Donors and Organizers

Bowditch & Dewey on

Since January of 2020, over 175,000 COVID-19 related GoFundMe campaigns were created, raising more than $416 million. While donors may be feeling charitable, they should know that their contributions are likely not...more

McDermott Will & Emery

Special Report - A Primer on Charitable Contributions of Virtual Currency

McDermott Will & Emery on

The explosive growth in virtual currency (also referred to as cryptocurrency, digital assets, tokens and digital currency) is evidence of increasing popularity and acceptance of it as a new investment asset class. With the...more

Proskauer - Blockchain and the Law

IRS Issues New Guidance for Virtual Currency Donations

The U.S. Internal Revenue Service (IRS) quietly added two new questions and answers regarding virtual currency donations to its answers to Frequently Asked Questions on Virtual Currency Transactions (FAQs) on December 26,...more

Hutchison PLLC

So You Think You Want to Operate a Charity in California?

Hutchison PLLC on

Subject to a limited set of exceptions, operating a charity in California that solicits and receives charitable contributions from California residents comes with a litany of somewhat onerous legal hurdles. The operation of...more

Coblentz Patch Duffy & Bass

IRS Publishes New Gift Substantiation Regulations

Last month, the IRS issued final regulations entitled “Substantiation and Reporting Requirements for Cash and Noncash Charitable Contribution Deductions,” codified as Treasury Regulation Sections 1.170A-15 (cash), -16...more

Best Best & Krieger LLP

Charitable Hospital Organizations and the Affordable Care Act

The IRS has issued final regulations providing guidance on certain complex requirements imposed on charitable hospital organizations added by the Patient Protection and Affordable Care Act of 2010. Specifically, the...more

Baker Donelson

IRS Issues Final Regulations for Charitable Hospitals

Baker Donelson on

On December 29, 2014, the Internal Revenue Service and the Department of Treasury issued final regulations on requirements described in Section 501(r) for charitable hospitals exempt from federal income tax under Section...more

Saul Ewing Arnstein & Lehr LLP

Tax-Exempt Hospitals: IRS Issues Proposed Revenue Procedure to Correct and Disclose Failure to Meet 501(r) Requirements

The Internal Revenue Service (“IRS”) on December 30, 2013 issued a proposed revenue procedure that outlines steps to correct and disclose failures to meet the requirements of new section 501(r) of the Internal Revenue Code...more

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