Carter Ledyard & Milburn LLP

Carter Ledyard & Milburn LLP is a general practice law firm headquartered on Wall Street. We have a ratio of partners to associates of about one to one, and provide personal, partner-level attention to all clients and matters, large and small. This forms part of our Partners for Your Business® commitment, together with the focus we place on providing counseling to help advance the business interests of our clients.

Senate Bill Proposes Revisions to Rules Governing Donor Advised Funds and Private Foundations

By Jessica Levy

July 28, 2021

On June 9, 2021, U.S. Senators Angus King (I-Maine) and Chuck Grassley (R-Iowa) introduced the Accelerating Charitable Efforts Act (the “Act”) which, if adopted, would revise current laws dictating the pace and transparency of resources flowing from private foundations and donor advised funds (“DAFs”) through a series of incentives and penalties. A joint press release states that the purpose of the Act is to ensure that “philanthropic funds are made available to working charities within…

Tax-Exempt Organizations Bulletin

Supreme Court Holds California’s Donor Disclosure Law Facially Unconstitutional

By Jessica Levy

July 8, 2021

Americans for Prosperity Foundation v. Bonta, No. 19-251, consolidated with Thomas More Law Center v. Bonta, No. 19-255. The Court’s opinion is available here. On July 1, 2021, the Supreme Court held (6-3) that California’s requirement that charities operating or fundraising in the state file Schedule B to their IRS Form 990, which discloses the names and addresses of their major donors, with the state Attorney General (AG) unconstitutionally infringes on charities’ and donors’…

Tax-Exempt Organizations Bulletin

New York State Legislature Passes Bill to Repeal Burdensome Filing Requirements for Nonprofits

By Jessica Levy

June 21, 2021

The New York State Assembly and Senate have passed A1141A/S4817A, a bill to repeal certain recently enacted amendments to N.Y. Exec. Law § 172-b, which, effective January 1, 2021, (a) imposed duplicative and burdensome filing requirements on 501(c)(3) nonprofits and (b) required public disclosure of previously confidential information about their donors. The bill now goes to Governor Cuomo for signature or veto. Charitable organizations that are organized, operating or fundraising in New…

Tax-Exempt Organizations Bulletin

IRS Publishes Final Regulations Regarding UBTI “Silos”

By Ahsaki E. Benion

January 12, 2021

As described in our previous blog post, Code § 512(a)(6), which was enacted in 2017 as part of the Tax Cuts and Jobs Act (the “Act”), provides that, in the case of an organization with more than one unrelated trade or business, unrelated business taxable income (“UBTI”) shall be computed separately with respect to each such trade or business. Internal Revenue Code (“Code”) § 513(a) defines “unrelated trade or business” to mean any trade…

Tax-Exempt Organizations Bulletin

IRS Issues Statement Regarding Premature Revocation Notices

By Ahsaki E. Benion

November 2, 2020

On March 13, 2020, an emergency declaration was issued authorizing the Secretary of the Treasury to provide relief from certain tax deadlines for taxpayers impacted by the ongoing COVID-19 epidemic. In response, the Internal Revenue Service (IRS) postponed the deadlines for certain time-sensitive actions, including the deadline for exempt organizations to file an annual information return or electronic notice on Form 990, 990-EZ, 990-PF or 990-N. Typically, a Form 990, 990-EZ, 990-PF, or 990-N must…

Tax-Exempt Organizations Bulletin

SBA Issues New Guidance on PPP Loan Forgiveness

By Ahsaki E. Benion

October 19, 2020

The Small Business Administration (“SBA”) has recently issued guidance regarding forgiveness of Paycheck Protection Program (“PPP”) loans authorized under the March 27, 2020 Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), as amended by the Paycheck Protection Program Flexibility Act (“PPPFA”). Enacted on June 5, 2020, the PPPFA makes significant changes to the CARES Act provisions governing loan forgiveness, as follows: Under the CARES Act, a PPP loan recipient was eligible for forgiveness of…

Tax-Exempt Organizations Bulletin

NY Charities Bureau Issues Guidance for Nonprofits Conducting Virtual Meetings of Members

By Ahsaki E. Benion

April 30, 2020

As discussed in our previous blog post, on April 16, 2020 New York’s Governor Cuomo issued Executive Order No. 202.18 which, among other things, modified Not-for-Profit Corporation Law (“N-PCL”) § 603 to permit annual meetings of members to be held remotely or by electronic means, effective through May 16, 2020. Absent such modification, the N-PCL explicitly permits directors to attend Board meetings by conference telephone or other electronic means (unless otherwise restricted by the…

Tax-Exempt Organizations Bulletin

Executive Order Permits Nonprofit Membership Meetings to be Held Remotely

By Ahsaki E. Benion

April 20, 2020

Section 603 (a) of the New York Not-for-Profit Corporation Law (“N-PCL”) provides that “[m]eetings of members may be held at such place, within or without this state, as may be fixed by or under the by-laws or, if not so fixed, at the office of the corporation in this state.” While the N-PCL explicitly permits directors to attend Board meetings by conference telephone or other electronic means (as long as all persons participating in the…

Tax-Exempt Organizations Bulletin

SBA Unable to Accept New Coronavirus Relief Loan Applications

By Ahsaki E. Benion

April 16, 2020

In our previous blog post, we discussed relief available for nonprofits under the Coronavirus Aid, Relief, and Economic Security (CARES) Act (the “Act”). As described, the Act authorizes up to $349 billion for general business loans available to certain exempt organizations under the Paycheck Protection Program (“PPP”), and provides for Economic Injury Disaster Loan (“EIDL”) assistance to states to make loans available to businesses, including private, nonprofit organizations, to help alleviate economic injury caused…

Tax-Exempt Organizations Bulletin

N.Y. Charities Bureau Extends CHAR500 Filing Deadline and Releases Guidance for Nonprofits

By Ahsaki E. Benion

April 15, 2020

Most organizations that hold assets and/or conduct activities for charitable purposes in New York are required to register with the New York State Attorney General’s Charities Bureau pursuant to the NY Estates, Powers and Trusts Law (“EPTL”). Organizations that solicit charitable contributions (including grants from foundations and government grants) in New York are generally required to register with the Charities Bureau pursuant Article 7-A of the Executive Law. Organizations required to register with the Charities…

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Senate Bill Proposes Revisions to Rules Governing Donor Advised Funds and Private Foundations

Supreme Court Holds California’s Donor Disclosure Law Facially Unconstitutional

New York State Legislature Passes Bill to Repeal Burdensome Filing Requirements for Nonprofits

IRS Publishes Final Regulations Regarding UBTI “Silos”

IRS Issues Statement Regarding Premature Revocation Notices

SBA Issues New Guidance on PPP Loan Forgiveness

NY Charities Bureau Issues Guidance for Nonprofits Conducting Virtual Meetings of Members

Executive Order Permits Nonprofit Membership Meetings to be Held Remotely

SBA Unable to Accept New Coronavirus Relief Loan Applications

N.Y. Charities Bureau Extends CHAR500 Filing Deadline and Releases Guidance for Nonprofits

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