Our colleagues over at our Tax Talks blog covered Proskauer’s recent work in connection with the widely-publicized forgiveness of nearly $15 million in medical debt by John Oliver on his June 5th show.
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.
Latest from Not For Profit/Exempt Organizations Blog - Page 6
Proposed Regulations Issued for Supporting Organizations
On February 19, 2016, the IRS and Treasury Department issued proposed regulations regarding (i) prohibitions on certain contributions to Type I and Type III supporting organizations and (ii) requirements for Type III supporting organizations. These proposed regulations reflect changes to…
IRS To EOs: We Can’t Help
Every January, the IRS releases a series of revenue procedures detailing how organizations can obtain private letter rulings and determinations and listing issues on which the IRS will not rule during the coming year. This year’s procedures make clear that…
Recaps from Proskauer’s 20th Annual Trick or Treat Tax Exempt Seminar
Proskauer’s 20th Annual Trick or Treat Seminar was held on Friday, October 30.
The Seminar discussed:
- Non-Profit Revitalization Act of 2013: Recent Developments and Outstanding Issues
- Recent Developments in Independent Contractor Misclassification
- Purpose Investing for Charities
- Benefits Update
New Flexibility for Joint Ventures Using Tax-Exempt Bond-Financed Property
On October 26, 2015, the IRS released final regulations under Sections 141 and 145 of the Internal Revenue Code concerning the use of property financed with tax-exempt bond proceeds. The bulk of the new regulations fill a long-reserved spot in…
IRS Encourages Private Foundations to Consider Charitable Purposes in Investing Its Assets
As we previously reported, the IRS has updated its guidance with helpful examples concerning program-related investments for private foundations. In its recently issued Notice 2015-62, the IRS provides further assurance that private foundations may take the accomplishment of…
IRS Proposes Rules for Donee Charitable Donation Reporting
By Amy Zelcer
On September 16, 2015, the IRS issued proposed regulations concerning the time and manner for donee organizations to file information returns that report required information about charitable contributions. The proposed regulations would implement an exception to the requirement that a…
New York Attorney General Issues Guidance on Not-for-Profit Law
By Jamie Bowles
In April, the New York State Attorney General’s office released guidance addressing key provisions of the New York Not-for-Profit Corporation Law. For in-depth analysis of the Attorney General’s guidance, click here for an article by Proskauer attorneys Roger Cohen and…
Proposed Changes to Financial Accounting for Not-for-Profit Entities
By Jamie Bowles
The Financial Accounting Standards Board (“FASB”) has issued an exposure draft of a Proposed Accounting Standards Update, Presentation of Financial Statements of Not-for-Profit Entities, which would make significant changes to the current reporting rules. The FASB believes that each of…
IRS Commissioner Says IRS is “Under New Management;” What’s Happened Over the Past Year In the IRS Affecting Tax-Exempt Organizations?
On March 31, 2015, the Commissioner of the IRS reported in a speech to the National Press Club that the IRS is “under new management” due to major changes in management staff over the last few years. Many of these…