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Inflation Reduction Act
SLGS Window Closing May 2, 2023
The US Department of the Treasury announced the suspension of sales of US Treasury Obligations – State and Local Government Series (i.e., SLGS), effective 10:00 a.m. ET, May 2, 2023. New subscriptions for SLGS received after such time will not...
IRS Relaxes UBTI "Siloing" Rules for Most Exempt Organizations
On April 23, 2020, the IRS and the Treasury Department released Proposed Regulations that provide guidance for how tax-exempt organizations (“EOs”) conducting multiple unrelated trades or businesses can calculate their unrelated business taxable income (“UBTI”) in light of the enactment...
New Law Repeals Parking Tax for Tax-Exempt Organizations
Good news for tax-exempt organizations! The “Further Consolidated Appropriations Act, 2020” (H.R. 1865 — 116th Congress (2019-2020)) (the “Act”) signed into law on December 20, 2019, retroactively repealed Section 512(a)(7) of the Internal Revenue Code of 1986, often referred to...
Hospital Loses its Section 501(c)(3) Status Due to Noncompliance with Section 501(r)
The IRS recently issued a Private Letter Ruling (the “PLR”) revoking a hospital organization’s section 501(c)(3) status for failing to comply with the section 501(r) requirements. 1 In what may be a sign of things to come, the PLR serves...
Disaster Fundraising in Texas
A guide to fundraising laws for individuals who are interested in raising or donating money to a Texas charity in light of Hurricane Harvey