No step-up in basis for private foundation’s assets
A PMTA disagrees with a prior letter ruling.
Tax-Exempt Organizations
Various exempt organization notices paused
Citing processing delays, the IRS suspends 10 late-filing notices to tax-exempt organizations.
IRS diagnoses a defect in Mayo Clinic
The Eighth Circuit’s decision was a partial win for the Service, which nonetheless does not acquiesce to the court’s holding regarding the formal-instruction requirement for tax-exempt educational institutions.
Former state senator held to be a disqualified person with respect to charity
Tax Court holds against a former Pennsylvania legislator despite his never having been the organization's officer or employee.
Sorting out tax exempts’ UBTI painlessly
To help exempt organizations “silo,” or separately compute, their unrelated business or trade income, three experts who will be giving a presentation on the topic at the upcoming Not-for-Profit Industry Conference offer their thoughts.
Deduction denied for home donated as salvage
The Fourth Circuit affirms that, without recording a transfer of ownership, the owners' interest in the property was not severed.
President of not-for-profit organization denied passthrough losses
The Tax Court held that the taxpayer had no ownership interest that would generate passthrough losses.
Managing the ‘excess compensation’ tax
Highly paid employees require some exempt organizations to pay an excise tax.
Final rules on exempt organization excess remuneration
The IRS issued final regulations on the excise tax on excess remuneration over $1 million paid by tax-exempt organizations, finalizing proposed regulations with a few changes in response to comments.
Final regs. govern computation of UBTI for separate businesses
The IRS has posted final regulations governing how tax-exempt organizations determine if they have more than one unrelated trade or business for purposes of unrelated business income tax.
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.
Prop. regs. would govern silo rules for exempt organizations
UBTI is computed separately for each unrelated trade or business.
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.
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.
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.
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.
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.
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.
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.
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.
