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Nonprofit Tax

How to Claim Parking Tax Refunds

On January 21, 2020, the IRS issued guidance detailing how nonprofits can apply for refunds of the repealed “parking tax.” Recall that in December 2017, the Tax Cuts and Jobs Act imposed an unpopular and widely criticized 21% tax on employee transportation benefit expenses incurred by nonprofits. The transportation tax, or “parking tax” as it came to be known, was retroactively repealed in December of 2019. The retroactive nature of the repeal creates an opportunity for nonprofits that paid the tax to seek refunds.

January 22, 2020 No Comments

Arizona Individual Charitable Tax Credits (Updated 2023)

Arizona has a robust system of state charitable tax credits that permit taxpayers to direct their state tax dollars to the community organizations that they

December 30, 2019 No Comments

Nonprofit Private Inurement – When Can Insiders Benefit?

The main potential problem areas for nonprofits regarding private inurement are: 1) Compensation agreements for executive employees or trustees; 2) Business relationships with entities in which an organization insider or insider’s family member has an interest; and 3) Benefits paid to an insider or a member of the insider’s family as a member of the charitable class the organization serves. Fortunately, there are steps that non-profits can take to ensure these improper benefits do not occur.

July 29, 2019 1 Comment

Tax Cuts and Jobs Act – Tax Exempt Organization Provisions

he Tax Cuts and Jobs Act (HR 1 ) is on its way to the White House for President Trump’s expected signature before the weekend. The bill is set to bring about widespread changes to the US tax code for both businesses and individual Americans. However, it also impacts tax-exempt organizations.

December 21, 2017 No Comments

Nonprofit Tax

Tax Exempts and Washington’s B&O Tax

Many tax-exempt organizations in Washington are still subject to business and occupation tax at both the state and local level. For B&O tax purposes, nonprofit organizations are generally presumed taxable in the same manner as for profit organizations.

October 7, 2016 No Comments

Grantmaking and Gift Planning

Donations Benefiting Individuals

Donors wishing to help the victims of a tragedy, a serious illness, or other major hardship are often surprised to learn that gifts earmarked for specific individuals are not tax deductible as charitable contributions. This rule catches many donors off guard as it is not intuitive that gifts made to individuals who are clearly in need would not be considered charitable.

July 2, 2015 No Comments

Starting a nonprofit

Here Comes the Arizona Benefit Corporation

Going into effect January 1, 2015, the Arizona benefit corporation statute will enable entrepreneurs to form a corporation unlike anything Arizona has seen before. Benefit corporations enable social entrepreneurs to create a corporate structure requiring the corporation to create a general public benefit. As with anything new, its details are untested and some confusion surrounds it. Below we dig into the statute and detail what you will and will not be able to do in 2015.

December 3, 2014 No Comments

Fundraising Regulation

Quid Pro Quo Gifts – Valuing Benefits Provided to Donors

The nonprofit should not estimate the value of a donor’s non-cash contribution. The nonprofit is under no obligation to appraise the value of a contribution and should not attempt to do so. The burden of valuing the contribution rests solely on the donor.

November 28, 2014 No Comments

IRS

IRS Audits of Tax-exempt Entities

Although there are many reasons a nonprofit organization may be selected for an audit, several things heighten the chance of being selected. Things like irregularities on Form 990s, failure to file a Form 990, citizen complaints, having a relationship with another taxpayer currently being audited or receiving negative media attention can all increase your chance of being audited beyond the random internal IRS computer process.

June 11, 2013 No Comments

Arizona is the latest state to enact benefit corporation legislation. Arizona recently passed benefit corporation legislation (SB 1238). Arizona joins fifteen other jurisdictions including California, New York, and the District of Columbia that have already passed legislation. While the new law is not effective until December 31, 2014, the Arizona benefit corporation offers social entrepreneurs an important new option to consider when forming a new venture.

News and Avoiding Scams

Arizona Adopts the Benefit Corporation

Arizona recently passed benefit corporation legislation (SB 1238). Arizona joins fifteen other jurisdictions including California, New York and the District of Columbia that have already passed legislation. While the new law is not effective until December 31, 2014, the Arizona benefit corporation offers social entrepreneurs an important new option to consider when forming a new venture.

May 28, 2013 No Comments

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