On July 30, 2019, the court in Bullock v. IRS, No. CV-18-103-GF-BMM (D. Mont. July 30, 2019) invalidated IRS Revenue Procedure 2018-38 governing tax-exempt organizations’ disclosure of donor information on the grounds that it was promulgated without the required notice-and-comment
Tax-Exempt Organizations Bulletin
The Tax-Exempt Organizations Bulletin, published by Carter Ledyard & Milburn LLP, focuses on legal issues affecting nonprofit and tax-exempt entities. It covers governance topics such as board structure, bylaws, committees, officers, and meetings, aiming to help nonprofit executives and board members align their organizational practices with current laws. The bulletin also addresses compliance considerations and practical governance challenges faced by tax-exempt organizations. While it provides general principles applicable across jurisdictions, it emphasizes the importance of state-specific legal advice. The content is designed to support effective nonprofit management and legal compliance without offering direct legal counsel.
Latest from Tax-Exempt Organizations Bulletin - Page 5
Tax Treatment of Charitable Contributions of Virtual Currency
The Internal Revenue Service (“IRS”) defines virtual currency as “a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value.” Virtual currency is not backed by a government-issued legal tender.…
Taxpayer First Act Requires All Tax-Exempt Organizations to E-File
Our recent Client Advisory discusses the Taxpayer First Act , enacted on July 1, 2019, which includes amendments to the Internal Revenue Code that significantly impact tax-exempt organizations. Read it here.
Privacy & Cybersecurity
Our recent Client Advisory Cybersecurity and Privacy Risks for Nonprofits: Navigating the Minefield has been published in Pratt’s Privacy & Cybersecurity Law Report (Lexis A.S. Pratt), July 1, 2019. Read it here.
New York and New Jersey Attorneys General File Suit to Compel Disclosure of Information Related to Change in IRS Form 990 Schedule B Reporting Requirements
On May 6, 2019, the New York and New Jersey Attorneys General filed a lawsuit against the U.S. Department of the Treasury (the “Treasury Department”) and its bureau the Internal Revenue Service (the “IRS”) for failing to respond records requests…
Recent Commercial Co-Venture Enforcement Action Highlights Risks of Noncompliance
On July 19, 2018, the New York Attorney General announced a settlement with Tennessee-based charity Operation Troop Aid Inc. (“OTA”) for failure to properly oversee donations received as part of a commercial co-venture.
OTA operated for the stated purpose of…
IRS Interim Guidance for Organizations Subject to Unrelated Business Income Tax
Internal Revenue Service Notice 2018-67 (the “Notice”) sets forth interim guidance relating to Internal Revenue Code § 512(a)(6) Special rule for organization with more than one unrelated trade or business.
Enacted on December 22, 2017 as part of Public Law…
New Legal Requirement for New York Nonprofit Membership Corporations
Click here to read our Client Advisory explaining the recent legal requirement for both new and existing nonprofit membership corporations incorporated in New York.
NY Employers: Mandatory Sexual Harassment Prevention Policy and Training
Effective October 9, 2018, New York Labor Law § 201-G requires all New York state employers—including nonprofit organizations—to maintain a sexual harassment prevention policy and conduct an interactive sexual harassment prevention training program that meets certain minimum standards set forth…
Impact of the 2017 Tax Cuts and Jobs Act on the Nonprofit Sector
Click here to read our Client Advisory discussing the initial and ongoing impact of the 2017 Tax Cuts and Jobs Act on nonprofit organizations.