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Articles by Bradley Ridlehoover
Fourth Circuit: School’s 501(c)(3) Status Does Not Constitute Federal Financial Assistance for Title IX Purposes | JD Supra
On March 27, 2024, in a long-awaited decision that carries major implications for 501(c)(3) organizations and independent schools, the Fourth Circuit held that an independent school’s 501(c)(3) tax-exempt status did not constitute federal financial assistance for purposes of Title IX of the Education Amendments of 1972.
Senior Living Alert: Good Governance Is Critical To A Nonprofit Organization's Viability
When serving on a nonprofit board, directors are required by state law to discharge certain fiduciary duties, including the duties of care and loyalty. These directors are entrusted with ensuring that the organization carries out its exempt purposes. For senior living organizations, this means directors must make sure the organization offers high-quality care and housing for seniors.
Senior Living Alert: Good Governance Is Critical to a Nonprofit Organization’s Viability | JD Supra
When serving on a nonprofit board, directors are required by state law to discharge certain fiduciary duties, including the duties of care and loyalty. These directors are entrusted with ensuring that the organization carries out its exempt purposes. For senior living organizations, this means directors must make sure the organization offers high-quality care and housing for seniors.
Senior Living Alert: Good Governance Is Critical to a Nonprofit Organization’s Viability
When serving on a nonprofit board, directors are required by state law to discharge certain fiduciary duties, including the duties of care and loyalty. These directors are entrusted with ensuring that the organization carries out its exempt purposes. For senior living organizations, this means directors must make sure the organization offers high-quality care and housing for seniors.
Donor Advised Funds: Proposed Regs Offer Guidance, But Leave Big Questions Unanswered | JD Supra
For the past 16 years, the U.S. Department of the Treasury’s Office of Tax Policy and the Internal Revenue Service’s joint Priority Guidance Plan has included the issuance of regulations relating to donor advised funds (DAFs) to address excises taxes, prohibited benefits and excess benefit transaction rules.
Donor Advised Funds: Proposed Regs Offer Guidance, But Leave Big Questions Unanswered
For the past 16 years, the U.S. Department of the Treasury’s Office of Tax Policy and the Internal Revenue Service’s joint Priority Guidance Plan has included the issuance of regulations relating to donor advised funds (DAFs) to address excises taxes, prohibited benefits and excess benefit transaction rules.
2023 Key Developments Impacting Nonprofits and Donors
The tax-exempt sector employs 29% of the American workforce and controls nearly $53 trillion in assets according to IRS statistics. Tax-exempt organizations also account for about 26% of the $1.5 trillion in federal tax expenditures (revenue losses due to tax-exempt status). Recognizing this large financial impact, governing authorities require nonprofits and their leaders to navigate complex tax rules to retain their federal tax-exempt status.
IRS Halts ERC Claims Processing Amid Surge of Questionable Submissions | JD Supra
The Internal Revenue Service announced on Sept. 14, 2023, an immediate moratorium on the processing of Employee Retention Credit (ERC) claims that is anticipated to last at least through the end of the year.
IRS Halts ERC Claims Processing Amid Surge of Questionable Submissions
The Internal Revenue Service announced on Sept. 14, 2023, an immediate moratorium on the processing of Employee Retention Credit (ERC) claims that is anticipated to last at least through the end of the year.
Reminder: Private Foundations Are Subject To 1.39% Excise Tax On Net Investment Income
With the extended 990-PF filing deadline approaching for private foundations on a calendar year accounting period, foundation leaders should ensure that they have paid the 1.39% net investment income excise tax and should properly report any investment income on the foundation's 2022 tax return. Below is a quick refresher on calculation of the net investment income excise tax and payment obligations.
Reminder: Private Foundations Are Subject to 1.39% Excise Tax on Net Investment Income | JD Supra
With the extended 990-PF filing deadline approaching for private foundations on a calendar year accounting period, foundation leaders should ensure that they have paid the 1.39% net investment income excise tax and should properly report any investment income on the foundation’s 2022 tax return. Below is a quick refresher on calculation of the net investment income excise tax and payment obligations.
Reminder: Private Foundations Are Subject to 1.39% Excise Tax on Net Investment Income
With the extended 990-PF filing deadline approaching for private foundations on a calendar year accounting period, foundation leaders should ensure that they have paid the 1.39% net investment income excise tax and should properly report any investment income on the foundation’s 2022 tax return. Below is a quick refresher on calculation of the net investment income excise tax and payment obligations.
SECURE 2.0 and Other Legislative Proposals Address Charitable Giving Strategies | JD Supra
Despite uncertain conditions, a recent survey shows that approximately three out of four donors maintained their level of charitable giving in 2022 and expect to maintain or increase their giving in 2023. That said, the enactment of Secure 2.0 and other recent legislative and regulatory proposals described below could affect donors’ strategies for charitable giving starting in 2023. SECURE 2.0 Act. Perhaps the most impactful of these changes is the SECURE 2.0 Act, which was signed into law Dec.
SECURE 2.0 and Other Legislative Proposals Address Charitable Giving Strategies
Despite uncertain conditions, a recent survey shows that approximately three out of four donors maintained their level of charitable giving in 2022 and expect to maintain or increase their giving in 2023. That said, the enactment of Secure 2.0 and other recent legislative and regulatory proposals described below could affect donors’ strategies for charitable giving starting in 2023. SECURE 2.0 Act. Perhaps the most impactful of these changes is the SECURE 2.0 Act, which was signed into law Dec.
Timing is critical for gift of appreciated stock to avoid capital gain from sale of company
Business owners contemplating selling their companies often look to their tax advisers for options to reduce the potential tax impact upon sale. One option routinely considered is having the owner contribute a portion of the appreciated stock to a charitable organization before the transaction closes to avoid income taxes on the donated shares. This leads to a critical question: How far in advance of the closing must the charitable contribution occur?
Procedural Missteps Lead to Loss of Tax Deductions for Charitable Gifts | JD Supra
November 11, 2022 Jean Gordon Carter, Michele McKinnon, Bradley Ridlehoover, Alec Sauble McGuireWoods LLP + Follow x Following x Following - Unfollow Contact To embed, copy and paste the code into your website or blog: As the end of 2022 approaches, many individuals, families and businesses consider making donations to their favorite charities.
IRS Offers Automatic Penalty Relief for Certain Nonprofits and Electronic Filing Tips | JD Supra
On Aug. 24, 2022, the IRS announced it will provide automatic relief for some taxpayers from penalties for failure to file certain tax returns due for taxable years 2019 and 2020.
Recent Court Opinions Suggest Independent Schools May Be Subject to Title IX | JD Supra
Historically, most independent schools have not been subject to Title IX of the Education Amendments Act of 1972 because they do not accept federal funds. As a result, many independent schools carefully evaluate whether to accept certain funds so they can control whether they are subject to Title IX.
Private Foundations: Exercise Caution to Avoid Self-Dealing | JD Supra
Federal tax law prohibits nonprofit organizations from providing private inurement and unwarranted private benefit. Failure to comply with these basic rules jeopardizes an organization’s tax-exempt status. Layered on top of these general rules, private foundations, which are typically controlled and funded by a single family or a corporation, are subject to special rules designed to prohibit a variety of transactions between the foundation and its insiders.
New Tax Proposals Alter Charitable Giving Strategies | JD Supra
As charitable organizations continue to navigate fundraising strategies during a pandemic, lawmakers consider proposals that, if enacted, would have a significant impact on charitable giving. Earlier this summer, the Biden administration released the “Green Book,” with its priorities for changes to federal taxes imposed on individuals and businesses that could indirectly impact charitable giving.
Update on UBTI SILO Rule and IRS Form 990-T Electronic Filing | JD Supra
For nonprofit organizations that report on a calendar-year basis, the May 17, 2021, deadline to file Form 990 and Form 990-T electronically is quickly approaching. Nonprofits should take time to review the recently released revised Form 990-T and its accompanying instructions before preparing and electronically filing their 2020 returns.
Charitable Lead Annuity Trusts: Planning Opportunities in Today’s Low-Interest-Rate Environment | JD Supra
As the pandemic continues to hinder nonprofits’ ability to fundraise effectively and connect with supportive donors, a charitable lead annuity trust can be a vehicle to provide immediate and ongoing funding to charities, as well as estate or gift tax benefits to donors. This opportunity arises as a result of the historically low rates used to value the interests in these split-interest trusts.
New Regulations Impact Excise Tax on Certain Private College and University Investment Income | JD Supra
Internal Revenue Code section 4968, enacted as part of the 2017 Tax Cuts and Jobs Act, imposes a 1.4 percent excise tax on the net investment income of certain private colleges and universities. The U.S. Treasury Department issued final regulations effective Oct. 14, 2020, that addressed multiple comments received on the previously issued proposed regulations. The final regulations also made multiple modifications to key definitions that impact the implementation of this new excise tax.
IRS Issues Guidance on Filing Refund Claims Related to the Repeal of the “Parking Tax” on Nonprofits | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
Parking Tax on Nonprofits Retroactively Repealed and Tax Rate for Private Foundations Changed | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
Tax Law Changes Complicate Tax-Exempt Organizations’ Attempts to Calculate UBTI | JD Supra
Charities and other exempt organizations face higher taxes, more complex returns and tough investment decisions under new unrelated business income tax rules effective for 2018. Despite recent guidance from the Internal Revenue Service, several key aspects of the rules remain unclear as tax return filing deadlines rapidly approach. Rules Before 2017 Tax Act.
Time to Update Your Partnership Agreement: New Rules Address Partnership Representatives for IRS Audits | JD Supra
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IRS to Terminate Offshore Voluntary Disclosure Program | JD Supra
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