The United States Supreme Court unanimously ruled in favor of religiously-affiliated hospitals and healthcare organizations in holding that a pension plan need not be established by a church in order to qualify for ERISA’s church plan exemption. Petitioners are religiously affiliated
Not For Profit/Exempt Organizations Blog
The Not For Profit/Exempt Organizations Blog, published by Proskauer Rose LLP, focuses on legal developments affecting nonprofit and tax-exempt entities. It covers topics such as compliance with diversity, equity, and inclusion (DEI) regulations, tax law changes impacting charitable organizations, unrelated business taxable income (UBTI) issues, and litigation involving nonprofit status and exemptions. The blog also addresses regulatory updates, governance challenges, and operational considerations for nonprofits, including healthcare providers and educational institutions. It provides analysis of court decisions, legislative proposals, and administrative guidance relevant to exempt organizations and their tax treatment.
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UPDATE: President Trump Signs “Johnson Amendment” Executive Order Limiting Treasury’s Actions Against Religious Organizations Engaged in Political Campaign Activities
Introduction
On May 4, 2017, President Trump signed an executive order that directs the executive branch to limit its enforcement of the “Johnson Amendment.” As previously reported, the Johnson Amendment prohibits organizations that are exempt under section 501(c)(3) of…
Update on the Department of Labor’s New Fiduciary Rules and Subsequent Challenges
On April 6, 2016, the Department of Labor under the Obama administration issued a new final rule and exemptions addressing when a person providing investment advice with respect to an employee benefit plan or individual retirement account is considered to…
Brooklyn Supreme Court Recognizes Private Right of Action for Not-for-Profit Employees under New York Nonprofit Revitalization Act Whistleblower Policy Requirement
Is It the End of the Johnson Amendment as We Know It?
While speaking at the National Prayer Breakfast on February 2, 2017, President Trump reaffirmed his commitment to repeal the law that restricts organizations that are tax exempt under Section 501(c)(3) of the Internal Revenue Code (“Code”) from engaging in political…
TIC Form SHC Deadline Approaching to Report U.S. Ownership of Foreign Securities
By Jeramy Webb
Form Deadline Is March 3, 2017
Introduction
The U.S. Department of the Treasury recently released a revised Form SHC (with corresponding instructions), which is part of the Treasury International Capital (TIC) data reporting system. Form SHC is the mandatory five-year…
IRS Announces the Last Day of the Remedial Amendment Period for 403(b) Plans
The Internal Revenue Service recently issued Revenue Procedure 2017-18, which provides that the last day of the remedial amendment period for Code Section 403(b) retirement plans will be March 31, 2020. As discussed below, this means that a sponsor of…
Recaps from Proskauer’s 21st Annual Trick or Treat Tax Exempt Seminar
By Jeramy Webb
Proskauer’s 21st Annual Trick or Treat Seminar was held on Thursday, October 27.
The Seminar discussed:
- Best Practices for Document Retention: One Size Does Not Fit All
- An Overview of Unrelated Business Taxable Income
- New Department of Labor Fiduciary Regulations:
…
New Electronic Form 8976 to Alert IRS About Section 501(c)(4) Status; 1023-EZ Application Reduced to $275
The Protecting Americans from Tax Hikes (“PATH”) Act of 2015, enacted in December 2015, requires organizations to notify the IRS if they desire to operate under Section 501(c)(4) of the Internal Revenue Code (“Code”). (Only organizations described in Section 501(c)(3)…
Deferred Compensation for Tax-exempt Organizations: New Proposed Regulations under Code Section 457
On June 21, 2016, the Internal Revenue Service (IRS) issued anticipated proposed Treasury Regulations prescribing rules under Section 457 of the Internal Revenue Code for the income taxation of deferred compensation arrangements for employees of tax-exempt organizations and state and…