Tax-exempt organizations

TOPICS / TAX

July 17, 2020

Fed expands Main Street Lending Program to more not-for-profits

The Federal Reserve board announced that it has made changes to the Main Street Lending Program to allow more participation from not-for-profits, including educational institutions, hospitals and social service organizations.

July 1, 2020

Prop. regs. would govern silo rules for exempt organizations

UBTI is computed separately for each unrelated trade or business.

June 22, 2020

Proposed regs. explain disallowed transportation fringe benefits

The IRS issued proposed regulations implementing changes to Sec. 274 that disallow a deduction for the expense of any Sec. 132(f) qualified transportation fringe provided to an employee, effective for amounts paid or incurred after Dec. 31, 2017.

May 27, 2020

Final regs. address reporting by tax-exempt organizations

The IRS finalized regulations permitting tax-exempt organizations other than Sec. 501(c)(3) orgs. to omit the names of substantial donors when filing Forms 990.

April 23, 2020

Prop. regs. would govern silo rules for exempt organizations

The IRS issued proposed regulations on how to identify separate trades or businesses to determine a tax-exempt organization’s unrelated business taxable income under new rules that require different trades or businesses to be reported separately or siloed.

January 31, 2020

Electronic filing mandated for Sec. 501(c)(3) applications

The IRS announced that Form 1023, Application for Recognition of Exemption Under Section 501(c)(3), must now be submitted electronically.

September 10, 2019

Proposed regs. clarify reporting requirements for tax-exempt organizations

The rulemaking mainly consolidates existing guidance in one location, but it also responds to a recent court decision that held invalid certain changes to donor-reporting requirements.

March 25, 2019

Tips to ease the stress of Form 990 preparation

IRS Form 990 is a complex, comprehensive form that can be a big challenge for a not-for-profit organization to prepare. Brian Yacker, CPA, J.D., managing partner of YH Advisors, describes best practices for a stress-free and compliant preparation of Form 990.

March 20, 2019

New developments in UBIT for not-for-profits

Dave Moja, CPA, a tax partner at CapinCrouse LLP, discusses some of the activities not-for-profits should be aware of that produce unrelated business income.

March 15, 2019

4 key tax reform provisions for not-for-profits

With tax season underway for calendar-year taxpayers, Betsy Krisher, CPA, explains four key provisions in the new tax law that have a significant effect on not-for-profits.

February 1, 2019

Cryptocurrency gift strategies for not-for-profits

Not-for-profits should proceed carefully as they consider whether to accept gifts of virtual currency. And here’s how they should proceed if they do.

October 1, 2018

Many tax-exempt organizations no longer need to list donor information

Change does not apply to 501(c)(3)organizations.

September 1, 2018

Tax Court again denies microcaptive insurance arrangement

A second taxpayer’s captive fails to qualify as an insurance company.

July 17, 2018

Many tax-exempt organizations no longer need to list donor information

News IRS procedures eliminate the requirement for many exempt organizations to list certain substantial donors’ names and addresses on some forms.

July 1, 2018

Charitable contribution deduction denied for conservation easement

The taxpayer expected a substantial benefit from the donation, the court holds.

June 1, 2018

Gravel mining income not exempt under Native American treaties

The Tax Court holds that the treaty provisions apply to tribes, not individuals.

May 17, 2018

Charitable contribution procedures updated

The IRS issued new procedures for contributions to charitable organizations, including rules for when donors can rely on the information about an organization’s tax-exempt status on the IRS database Tax Exempt Organization Search.

May 1, 2018

CEO of tax-exempt organization hit with excess benefit taxes

The Association for Honest Attorneys’ founder used the organization’s bank account for personal expenses and cash.

January 4, 2018

Form 1023-EZ will ask applicants for mission and activities

The streamlined application for tax-exempt status will ask organizations to describe their mission and activities for the first time.

November 1, 2017

Social club is liable for taxes on UBTI

The Tax Court rejects the taxpayer’s argued profit motive and disallows losses related to nonmember services.

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