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Not For Profit/Exempt Organizations Blog

Monthly Archives: August 2012

Contributions to Section 501(c)(4) Organizations and the Gift Tax

Posted in IRS Filings, Political Campaign Activity

Tax-exempt section 501(c)(4) organizations are defined by the Internal Revenue Code as “social welfare organizations.” Treas. Reg. section 1.501(c)(4)-1(a)(2) provides that the organization must be “primarily engaged in promoting in some way the common good and general welfare of the people of the community.” Some members of Congress and the IRS have recently taken an… Continue Reading

IRS Finally Confirms that Contributions to Single Member LLCs Owned by Charities Are Deductible

Posted in Charitable Giving, IRS Filings

On July 31, 2012, the IRS issued Notice 2012-52 (the “Notice”), providing long awaited confirmation that a charitable contribution to a limited liability company that is wholly owned by a charitable organization, and classified as a disregarded entity for U.S. federal income tax purposes (an “SMLLC”), will be treated as a contribution to a branch… Continue Reading

House Ways and Means Oversight Subcommittee Holds Second in a Series of Hearings on Issues Facing Tax-Exempt Organizations

Posted in Formation, Governance, IRS Filings

On July 25, 2012, the Oversight Subcommittee of the House Committee on Ways and Means, led by Congressman Charles W. Boustany Jr., MD (R-LA), heard testimony from the IRS and experts in the tax exempt community on the growing complexity of non-profit organizational structures, tax issues concerning unrelated business income and the redesigned Form 990…. Continue Reading