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
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.
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Latest from Carter Ledyard & Milburn LLP - Page 3
IRS Issues Statement Regarding Premature Revocation Notices
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…
SBA Issues New Guidance on PPP Loan Forgiveness
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…
NY Charities Bureau Issues Guidance for Nonprofits Conducting Virtual Meetings of Members
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…
Executive Order Permits Nonprofit Membership Meetings to be Held Remotely
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…
SBA Unable to Accept New Coronavirus Relief Loan Applications
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…
N.Y. Charities Bureau Extends CHAR500 Filing Deadline and Releases Guidance for Nonprofits
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…
Relief for Nonprofits Under the CARES Act
The Coronavirus Aid, Relief, and Economic Security (CARES) Act offers relief for businesses facing economic challenges due to the outbreak of coronavirus disease (COVID–19). Certain provisions of the Act expressly extend relief to organizations exempt from taxation under the Internal Revenue…
TEO Bulletin Authors Present at PLI’s Advising Nonprofit Organizations 2020 Program
TEO Bulletin author Pamela Mann recently led Practicising Law Institute’s full-day Advising Nonprofit Organizations 2020 continuing legal education program. Presenters also included fellow TEO Bulletin author Ahsaki Benion and chief of the New York Attorney General’s Charities Bureau James G.…
Expenses for Qualified Transportation Benefits No Longer Taxable as Unrelated Business Income
On December 20, 2019, the Taxpayer Certainty and Disaster Tax Relief Act of 2019 (the “Act”) was signed into law as part of a larger appropriations bill. Among other things, the Act repeals a provision of the Tax Cuts and…