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2012 changes to the Form 990 for exempt organizations

McGuireWoods LLP
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USA
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May 3 2013

The 2012 Form 990 and Form 990-EZ for tax year 2012 contain certain changes. The due date for filing the required return for an exempt organization

IRS posts list of organizations that lost tax-exempt status and announces procedures for reinstatement of exemption

McGuireWoods LLP
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USA
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June 10 2011

On June 7, 2011, the IRS announced that approximately 275,000 organizations automatically lost their tax-exempt status under new rules enacted in 2006 because they failed to file the required annual federal returns for three consecutive years

Nonprofit healthcare: what does the future hold?

McGuireWoods LLP
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USA
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August 4 2011

It didn’t come as any surprise to healthcare providers that when the Patient Protection and Affordable Care Act (PPACA) was passed last year, legislators managed to work in a few provisions about requirements for nonprofit healthcare providers

The problems with inflating class settlements - Klier v. Elf Atochem Inc.

McGuireWoods LLP
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USA
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October 4 2011

While it remains popular among settling lawyers and courts, the doctrine of cy pres in class actions (where defendants wind up paying charities with an ostensible link to the gravamen of a lawsuit) has been garnering criticism for some time

Recent court decisions highlight need for compliance with substantiation rules to claim income tax charitable deduction

McGuireWoods LLP
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USA
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July 12 2012

Individuals who itemize their deductions on their federal income tax return can claim a deduction for contributions to qualifying charities, but only if the contributions are properly substantiated

How would President Obama’s budget affect charities?

McGuireWoods LLP
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USA
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April 22 2013

The Obama Administration released its budget proposal for 2014 on April 10, 2013, calling for nearly $250 billion in new spending on jobs, public

The importance of transparency in class settlements

McGuireWoods LLP
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USA
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April 21 2011

Most professional objectors are fee-seekers (or, as one court called them, "remoras"

Is Congress tipping its hand on the future of charities and charitable deductions?

McGuireWoods LLP
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USA
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May 11 2011

Tax-exempt organizations should be aware of expected hearings to discuss making certain temporary provisions and charitable giving incentives, such as the IRA charitable rollover provision, permanent for the tax-exempt community, according to a Senate Finance Committee aide at the recent Tax Section meeting of the American Bar Association in Washington, D.C

IRS hot button issues put exempt organizations at risk for penalties

McGuireWoods LLP
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USA
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May 9 2011

The biggest area of IRS audit concentration regarding noncompliance related to governance issues for tax-exempt groups is executive compensation, according to IRS Director of Exempt Organizations Lois Lerner

The literary class action II - Three Cups of Tea

McGuireWoods LLP
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USA
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May 17 2011

Greg Mortenson turned a passion for mountain-climbing and an interest in helping the women of Central Asia into a multimillion dollar charitable foundation and a bestselling book

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