Tag Archives: 501(c)(3)

New Legislation Modernizes New York Not-For-Profit Corporation Law

By Amanda H. Nussbaum and Colin Wetmore on January 23, 2023 Posted in Not-for-Profit, Tax-Exempt Organizations

On November 21, 2022, Governor Kathy Hochul signed into law new legislation, which amends certain provisions of the New York Not-For-Profit Corporation Law (the “N-PCL”). The legislation, described in detail below, “modernizes provisions of law relating to members, directors and officers to align with current practices, streamline procedures and eliminate unnecessary regulatory burdens”[1], and is … Continue Reading

IRS Issues New Guidance for Virtual Currency Donations

By Jeremy Naylor and Brianna Reed on February 4, 2020 Posted in Articles, Charitable Giving, IRS, Not-for-Profit, Tax-Exempt Organizations

The U.S. Internal Revenue Service (IRS) quietly added two new questions and answers regarding virtual currency donations to its answers to Frequently Asked Questions on Virtual Currency Transactions (FAQs) on December 26, 2019. The two new answers address the responsibilities of charitable organizations when accepting donations of virtual currency, including cryptocurrency. For a discussion of … Continue Reading

Internet Fundraising for Tax-Exempt Organizations

By Jamie Bowles on May 8, 2013 Posted in Charitable Giving

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

In Annual Procedure Update (Usually a Yawner), IRS Imposes 27-Month Deadline For Filing Exemption Applications For All Types of Exempt Organizations Seeking Retroactive Recognition of Exemption And Denies Retroactive Recognition of Exemption if Forms 990 Not Filed

By Elizabeth M. Mills on January 10, 2013 Posted in Formation, IRS Filings

The IRS continues to implement the “three years and you’re out” rule for Form 990 non-filers added by the Pension Protection Act of 2006 (the “PPA”). That legislation amended Section 6033 of the Internal Revenue Code to provide that exempt organizations required to file a Form 990-series return (i.e., a Form 990, Form 990-EZ or … Continue Reading

Does the Citizens United Decision Affect Not-for-Profit Organizations?

By Noah Ehrenpreis on March 15, 2010 Posted in Political Campaign Activity

In its highly divisive 5-4 opinion in Citizens United v. FEC, the Supreme Court dramatically altered the framework regulating corporate speech during federal elections. Released on January 21, 2010, the Court's decision struck down legislative and judicial restrictions that have been in place for decades, preventing corporations and labor unions from using general treasury funds on political speech during federal elections. In addition to directly impacting for-profit corporations and labor unions, this case will have a substantial effect on the not-for-profit sector. … Continue Reading

IRS Lists Organizations Now Classified as Private Foundations

By A. Nicole Campbell on December 30, 2009 Posted in IRS Filings

In Announcement 2009-88, set to be published in Internal Revenue Bulletin 2009-52, dated December 28, 2009, the IRS lists organizations that have failed to establish or have been unable to maintain their status as public charities or as private operating foundations. Continue reading for the full text of the Annoucement. … Continue Reading