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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

Proskauer Rose LLP
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USA
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January 10 2013

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

The American Taxpayer Relief Act of 2012: stealth impact on charities

Proskauer Rose LLP
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USA
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January 3 2013

The American Taxpayer Relief Act of 2012 ("TRA") (H.R. 8) passed by the Senate on January 1, 2013, passed by the House of Representatives early on January

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

Proskauer Rose LLP
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USA
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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

Deductibility of charitable contributions to LLCs wholly owned by charitable organizations

Proskauer Rose LLP
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USA
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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

IRS-Treasury annual Priority Guidance Plan released

Proskauer Rose LLP
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USA
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December 15 2010

Last week, the IRS and Treasury Department released their annual Priority Guidance Plan for the 2010-2011 federal fiscal year

Illinois Supreme Court denies property tax exemption to not-for-profit hospital

Proskauer Rose LLP
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USA
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April 9 2010

On March 18, 2010, the Illinois Supreme Court denied property tax exemption to a not-for-profit hospital in the nationally watched Provena case

Some not-for-profitexempt organizations may have FBAR filing obligations

Proskauer Rose LLP
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USA
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March 29 2010

U.S. taxpayers, including not-for-profitexempt organizations, 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
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USA
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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

Form 990 makeover, version 2.0

Proskauer Rose LLP
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USA
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February 17 2010

Even hard-core tax mavens don't usually get excited when the IRS releases instructions for tax forms