Not For Profit/Exempt Organizations Blog
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Jamie Bowles

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New York Attorney General Issues Guidance on Not-for-Profit Law

In April, the New York State Attorney General’s office released guidance addressing key provisions of the New York Not-for-Profit Corporation Law.   For in-depth analysis of the Attorney General’s guidance, click here for an article by Proskauer attorneys Roger Cohen and Ellen Moskowitz.  For this blog’s coverage of the New York Not-for-Profit Corporation law, click here. … Continue Reading

Proposed Changes to Financial Accounting for Not-for-Profit Entities

The Financial Accounting Standards Board (“FASB”) has issued an exposure draft of a Proposed Accounting Standards Update, Presentation of Financial Statements of Not-for-Profit Entities, which would make significant changes to the current reporting rules.  The FASB believes that each of the proposed changes will improve the usefulness of the information provided to stakeholders, reduce the complexity … Continue Reading

Advisory Committee on Tax Exempt and Government Entities Makes Recommendations on Reporting of Unrelated Business Taxable Income

The Advisory Committee on Tax Exempt and Government Entities (“ACT”), an IRS advisory panel, made several recommendations on issues relating to unrelated business taxable income (“UBTI”) in its annual report to the IRS (the “Report”).  In recent years, the IRS has focused on UBTI reporting for tax exempt organizations; issues relating to UBTI reporting were addressed … Continue Reading

Rollout Challenges for New York Nonprofit Revitalization Act, Effective July 1, 2014

The rollout of the New York Nonprofit Revitalization Act of 2013 (the “Revitalization Act”), effective July 1, 2014, is causing challenges for many New York charities as the compliance date approaches.  For more information on the challenges resulting from the rollout of the Revitalization Act, click here.  For more coverage on the Revitalization Act, click here.… Continue Reading

IRS Issues Interim Guidance for Type III Supporting Organizations

The IRS recently issued Notice 2014-4 (the “Notice”), which provides interim guidance for Type III supporting organizations seeking to qualify as functionally integrated by supporting governmental organizations.  In December 2012, the IRS issued final and temporary regulations that, among other things, set forth the requirements for an organization to qualify as a functionally integrated Type III supporting … Continue Reading

IRS Draft of 2013 Form 990 and Instructions

Earlier this year the IRS issued drafts of the 2013 Form 990, Return of Organization Exempt From Income Tax, and 2013 Form 990 Instructions.   Although there were no major changes to the Form 990, there were several changes and clarifications in the draft instructions, including: Short Period Returns.  The draft instructions clarify that a short … Continue Reading

Internet Fundraising for Tax-Exempt Organizations

The IRS recently released an Information Letter, written in response to a congressman’s inquiry about an unidentified charity’s unidentified practices, confirming that Section 501(c)(3) organizations may use the internet to raise funds.  The IRS stated that solicitations made through a website or e-mail should comply with the same rules that apply to other solicitations.  However, … Continue Reading

IRS Sends Questionnaire to More Than 1,300 Self-Declared Section 501(c)(4), (5) or (6) Organizations

IRS Exempt Organizations group has sent out more than 1,300 questionnaires to self-declared Section 501(c)(4) social welfare organizations; 501(c)(5) labor, agricultural or horticultural organizations; or 501(c)(6) business leagues.  The questionnaires are part of IRS efforts to increase voluntary compliance, learn more about self-declared exempt organizations, and determine whether self-declared exempt organizations are complying with applicable tax-exempt … Continue Reading

IRS Extends Deadline to Apply for Reinstatement for Small Automatically Revoked Exempt Organizations Affected by Hurricane Sandy – Deadline Remains 12/31/2012 For All Other Organizations”

The Internal Revenue Service (“IRS”) has extended the filing date to February 1, 2013 for an eligible exempt organization affected by Hurricane Sandy that previously had its exempt status revoked and is now applying for the reinstatement of its status.  As we have said in this blog entry, the Pension Protection Act of 2006 added … Continue Reading

New York Attorney General Issues Best Practices for “Pink Ribbon” and Other Cause Marketing Campaigns

“Cause marketing campaigns,” or “commercial co-ventures” (i.e., advertising campaigns in which a company indicates that the purchase or use of its products will result in a charitable contribution) have long been a popular fundraising tool for charities. Some state charity authorities regulate cause marketing campaigns with a variety of requirements; some states do not regulate … Continue Reading
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