The Treasury Department has issued final regulations for implementing the redesigned Form 990, Return of Organization Exempt From Income Tax. The redesigned Form 990 was first released for tax years beginning in 2008 (returns filed in 2009) and is the first major redesign of the Form 990 in almost thirty years. The final regulations do… Continue Reading
Monthly Archives: September 2011
Governor Signs Amendment to California Professional Fiduciaries Act
Posted in Charitable Gift PlanningCalifornia’s Governor signed AB 997 into law on September 26, 2011. AB 997 amends the California Professional Fiduciaries Act (the “Act”), which provides for the licensing and regulation of professional fiduciaries via the Department of Consumer Affairs. Prior law. The Act defined professional fiduciaries to include a person who serves as trustee for more than… Continue Reading
The IRS Moratorium on Section 501(c)(4) Gift Tax Enforcement Was The Right Thing To Do
Posted in Tax Treatment of Lobbying & Political ActivitiesRecently, news stories appeared in the New York Times and on Huffington Post, indicating that former IRS Exempt Organizations Director Marc Owens had written to Treasury on behalf of clients unhappy with the IRS July 7 announcement on section 501(c)(4) gift tax enforcement. I agree with Marc that it would have been better for the IRS to… Continue Reading
Making Sense of Taxation of Political Expenditures of Nonprofit Organizations
Posted in Tax Treatment of Lobbying & Political ActivitiesThis is obscure as blog topics go, but worth your time if you advise on candidate-related activities of 501(c) orgs. By “501(c) orgs,” we mean organizations exempt under section 501(c) of the Internal Revenue Code that aren’t 501(c)(3) public charities and private foundations: most commonly, unions, trade associations, and social welfare organizations. Taxation of these… Continue Reading
Successor Liability in a Model A Fiscal Sponsorship
Posted in Public CharitiesFiscal sponsorship can be ideal for startup charitable projects: operating under the aegis of an existing charity, organizers can test-run a concept before going through the expensive, time-consuming process of applying for exemption under Section 501(c)(3). But there may be reasons for sponsors to take in established projects as well. For example, organizers may find… Continue Reading
Social Enterprise at Adler & Colvin
Posted in Social EnterpriseWe have been working closely with clients, policy makers, and regulators to help shape the emerging world of for-profit hybrids. For-profit hybrids include the Benefit Corporation in Vermont, Maryland, New Jersey, and Virginia, and the low-profit, limited liability company (L3C), which is now law in eight states and two Indian Nations. We have been actively… Continue Reading
Welcome!
Posted in UncategorizedWe’re a 15-attorney firm (quietly assisted by 16 amazing staffers) dedicated solely to the practice of nonprofit, tax-exempt law. We’re fortunate to have remarkable clients — granting foundations, public charities carrying out the good stuff our society needs, individual philanthropists, social welfare organizations, trade associations, and many others. With this blog, we hope to quickly… Continue Reading
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