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IRS finally confirms that contributions to single member LLCs owned by charities are deductible

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • August 10 2012

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 or division of the charitable organization

The foreign bank and financial account reporting saga continues: further relief for prospective filers

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • March 5 2010

U.S. taxpayers with a financial interest in or signatory authority over a foreign financial account are generally required to file the Report of Foreign Bank and Financial Accounts, Form TD F 90-22.1 (FBAR) with the Department of the Treasury each June 30 if the aggregate value of all of the U.S. person’s foreign financial accounts exceeds $10,000 at any time during the year

Not-for-profit hospital not exempt from property tax says Illinois Supreme Court

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • March 22 2010

In the long-awaited Provena case, the Illinois Supreme Court recently concluded that a not-for-profit hospital was not exempt from property tax on its health care facilities

New York State agencies issue proposed regulations regarding the administration expenses and executive compensation of state-supported entities

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • June 26 2012

Pursuant to Executive Order 38 issued by Governor Cuomo, thirteen New York State agencies released very similar proposed regulations on May 16, 2012, placing a limit on the funds that can be used for administrative expenses and executive compensation by entities, both for-profit and not-for-profit, that receive state funds or state-authorized payments to provide services

Deductibility of charitable contributions to LLCs wholly owned by charitable organizations

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • August 9 2012

On July 31, 2012, the Internal Revenue Service (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 or division of the charitable organization

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