501(c)(3) organizations frequently create single member limited liability companies to hold assets, some as subsidiaries to protect against risk. However, until now, the IRS would not state whether donations to these single member LLCs were deductible as charitable contributions. As of today, that has all changed. The IRS just released a notice that donations to …
Posts Categorized: News
IRS is Happy with New Form 990
Last week, at a hearing of the US House of Representatives Ways and Means Oversight Subcommittee, IRS Deputy Commissioner for Services and Enforcement, Steven Miller, commented on the redesigned Form 990, which was unveiled in 2008. Mr. Miller said that the IRS is happy with the result of the redesigned Form 990, but he also …
LEARN THE LEGAL PITFALLS OF NON-PROFITS
Do you serve on a non-profit board? Or do you count non-profits among your clients? Charitable non-profits operate in a world of laws applicable only to them. The attorneys of the The Law Firm for Non-Profits will teach you how to spot potential legal pitfalls of non-profits before they erupt into disruptive legal problems or …
IRS Considers Reevaluating Politically Minded 501(c)(4) Orgs
As we posted here and here, advocates for campaign finance reform have been demanding for the past year that the IRS investigate politically motivated “social welfare” or 501(c)(4) organizations. These calls to action have finally paid off. Lois Lerner, the director of the IRS Exempt Organizations Unit, stated last week that the “IRS is aware …
FREE Seminar for Faith-Based Orgs & Nonprofits
California State Controller John Chiang is co-hosting a free seminar on August 14 at USC where speakers will discuss financial and tax best practices for nonprofits and faith-based organizations. On the agenda are welfare and property tax exemptions, financial planning, and ways to avoid activities that can jeopardize an organization’s tax-exempt status. Read more here. …
Newsletter – Lessons All Nonprofits Can Learn from the Penn State Debacle
You may ask why a law firm that represents nonprofits would write a newsletter article about the abuse scandal at Penn State University. While the scandal centered around the abuse committed by former assistant coach, Jerry Sandusky, the scandal in part occurred because of the abject failure of Penn State’s trustees to exercise their duty. …