Every year the IRS releases its “Dirty Dozen” list of tax scams. The list serves both as a warning of scams for taxpayers to avoid as well as a reminder of the IRS’ investigation and enforcement role. This year, the list includes “Abuse of Charitable Organizations and Deductions” .
Daily Dose of Nonprofit Law
Monthly Archives: March 2010
Payroll Tax Holiday and Retention Credit for Hiring Unemployed Workers
To help stimulate the hiring of workers by the private sector, the new law exempts any private-sector (meaning non-governmental) employer that hires a worker who had been unemployed for at least 60 days from having to pay the employer’s 6.2% share of the Social Security payroll tax on that employee for the remainder of 2010. A company could save a maximum of $6,621 if it hires an unemployed worker and pays that worker at least $106,800—the maximum amount of wages subject to Social Security taxes—by the end of the year. The benefit is available to both for-profit businesses and non-profit organizations.
Executive Committees: The Good, The Bad and The Ugly
An executive committee can be an effective governance tool, but not every board needs one. Executive committees should never ever replace the full board.
2009 Tax Deductions for 2010 Haiti Earthquake Relief Donations
Congress recently passed a law permitting taxpayers to claim a deduction on their 2009 tax return for contributions to charities providing earthquake relief in Haiti made before March 1, 2010. Under prior law, donations made following the January 12 earthquake would not be eligible for a deduction until the donor files their 2010 tax return. [...]
Who Owns a Nonprofit Corporation?
Let’s be clear about one thing. No one owns a nonprofit corporation.[1]
While there is no outright ownership, there is control. One of the fundamental questions I ask when forming a new nonprofit corporation is how board members will be selected. This is a key question because those who hold the power to select board members retain the ultimate authority over the corporation.
The possibilities are limited by the nonprofit corporation statute in the state where the corporation is domiciled.
