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Nonprofit Tax

Starting a Church

What is the difference between starting a church and starting another type of religious nonprofit?

April 11, 2022 No Comments

Income generated from activities outside a nonprofits’ exempt purpose is taxable as unrelated business income (“UBI”). One option to conduct taxable activity is to form a new company wholly owned by the nonprofit called a taxable subsidiary.

February 28, 2022 No Comments

IRS Provides Guidance for LLCs Seeking 501(c)(3) Status

The IRS has issued Notice 2021-56 outlining the requirements that LLCs seeking 501(c)(3) status must meet to be recognized as tax-exempt by the IRS. These

October 25, 2021 No Comments

Ban on Campaign Intervention for 501(c)(3)s

In recent years, there has been some confusing activity around the rules governing campaign intervention for 501(c)(3)s. Nonprofits operating under I.R.C. 501(c)(3) are obligated to

October 4, 2021 No Comments

Fundraising Regulation

Providing Acknowledgements for Nonprofit Event Sponsorship

Nonprofit sponsorships are common but the correct way to provide acknowledgments for nonprofit event sponsorship is not well understood. Fundraising galas, breakfasts, golf tournaments, and

September 7, 2021 No Comments

Governance

Family Offices and Private Foundations

By now most family offices and private foundations have heard the story about Archegos Capital. In effect, Archegos operated similarly to a traditional hedge fund—making

May 18, 2021 No Comments

Nonprofit Tax

Don’t Forget to File Form 990

Nonprofits that fail to file Form 990 for 3 years in a row will receive an automatic loss of tax-exempt status. The deadline is May 15th.

March 22, 2021 No Comments

Nonprofit Tax

For-Profit Subsidiary – When to Form One

Sometimes it is necessary for a nonprofit to form a for-profit subsidiary. Knowing how to do this can help avoid losing your tax-exemption.

March 8, 2021 No Comments

Nonprofit Tax

Corporate Charitable Deductions for Disaster Relief

Normally, corporations can only deduct charitable contributions up to an amount that equals 10 percent or less of their taxable income in the given tax year. Under the CARES Act, this limitation was bumped to 25 percent of taxable income.

More recently, the December 2020 Taxpayer Certainty and Disaster Tax Relief Act (TCDTRA) temporarily upped the limit for corporate charitable contribution deductions to 100% for qualified disaster relief contributions.

The IRS has released additional guidance for corporations considering using the deduction. Here’s what you need to know.

February 22, 2021 No Comments

New Limits on Charitable Deductions in 2021

The new tax laws continue 2020 CARES Act changes that increase the above-the-line individual tax deduction to $300. In addition, the new rules double the deduction for married couples filing jointly to $600; the 2020 CARES Act did not have a provision that permitted couples to claim an additional amount over individual filers. Donations must be made in cash (rather than stocks or other assets like cars and clothing; credit cards and checks are OK) and go directly to a charity (donor-advised funds and private non-operating foundations do not count).

February 8, 2021 No Comments

Nonprofit Tax

Starting a Church

Taxable Subsidiaries

IRS Provides Guidance for LLCs Seeking 501(c)(3) Status

Ban on Campaign Intervention for 501(c)(3)s

Providing Acknowledgements for Nonprofit Event Sponsorship

Family Offices and Private Foundations

Don’t Forget to File Form 990

For-Profit Subsidiary – When to Form One

Corporate Charitable Deductions for Disaster Relief

New Limits on Charitable Deductions in 2021

How to Keep your Non-Profit Compliant in All 50 States

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How to Start a Non-Profit Organization