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Category Archives: IRS

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UPDATE: President Trump Signs “Johnson Amendment” Executive Order Limiting Treasury’s Actions Against Religious Organizations Engaged in Political Campaign Activities

Posted in IRS, Political Campaign Activity, Religious Organizations

Introduction On May 4, 2017, President Trump signed an executive order that directs the executive branch to limit its enforcement of the “Johnson Amendment.” As previously reported, the Johnson Amendment prohibits organizations that are exempt under section 501(c)(3) of the Internal Revenue Code from engaging in political campaign activities.¹ The executive order limits enforcement of the… Continue Reading

Update on the Department of Labor’s New Fiduciary Rules and Subsequent Challenges

Posted in Fiduciary, IRS, Labor

On April 6, 2016, the Department of Labor under the Obama administration issued a new final rule and exemptions addressing when a person providing investment advice with respect to an employee benefit plan or individual retirement account is considered to be a “fiduciary” under the Employee Retirement Income Security Act of 1974 (“ERISA”) and the… Continue Reading

Is It the End of the Johnson Amendment as We Know It?

Posted in IRS, Religious Organizations

While speaking at the National Prayer Breakfast on February 2, 2017, President Trump reaffirmed his commitment to repeal the law that restricts organizations that are tax exempt under Section 501(c)(3) of the Internal Revenue Code (“Code”) from engaging in political campaign activities. This law, enacted in 1954, is commonly known as the Johnson Amendment since… Continue Reading

TIC Form SHC Deadline Approaching to Report U.S. Ownership of Foreign Securities

Posted in Client Alert, IRS

Form Deadline Is March 3, 2017 Introduction The U.S. Department of the Treasury recently released a revised Form SHC (with corresponding instructions), which is part of the Treasury International Capital (TIC) data reporting system. Form SHC is the mandatory five-year benchmark survey of the ownership of foreign securities (including selected money market instruments) by U.S…. Continue Reading

New Electronic Form 8976 to Alert IRS About Section 501(c)(4) Status; 1023-EZ Application Reduced to $275

Posted in IRS, IRS Filings, Political Campaign Activity

The Protecting Americans from Tax Hikes (“PATH”) Act of 2015, enacted in December 2015, requires organizations to notify the IRS if they desire to operate under Section 501(c)(4) of the Internal Revenue Code (“Code”).  (Only organizations described in Section 501(c)(3) of the Code are required to apply for and receive recognition of their tax-exempt status;… Continue Reading

Deferred Compensation for Tax-exempt Organizations: New Proposed Regulations under Code Section 457

Posted in IRS, IRS Filings

On June 21, 2016, the Internal Revenue Service (IRS) issued anticipated proposed Treasury Regulations prescribing rules under Section 457 of the Internal Revenue Code for the income taxation of deferred compensation arrangements for employees of tax-exempt organizations and state and local governments. The IRS also released new proposed Treasury Regulations under Code Section 409A.