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IRS suspends for further study contributions to 501(c)(4) organizations

McGuireWoods LLP
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USA
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July 7 2011

In a directive issued today to IRS offices, the Service is suspending any further examination activity on the gift tax treatment of contributions to 501(c)(4) organizations

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"

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

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

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

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

CBO study examines options for charitable giving and tax consequences

McGuireWoods LLP
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USA
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May 27 2011

Congress and the Obama administration are looking closely at options to revise or replace the current charitable deduction

Disaster relief - what you need to know

McGuireWoods LLP
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USA
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August 25 2011

In the aftermath of the recent earthquake that shook the east coast of the United States, the tornados of this summer and now the impending hurricane season, we are reminded that we are subject to the mercy of natural forces causing injury to individuals and property

Tax-exempt bond compliance reporting given a mixed grade by IRS

McGuireWoods LLP
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USA
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July 18 2011

The IRS Tax Exempt Government Entities Division has published a final report on its Tax-Exempt Charitable Financings Compliance Check Questionnaire and Governmental Bond Financings Compliance Check Questionnaire projects

Cat lady beats IRS

McGuireWoods LLP
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USA
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June 14 2011

In a recent Tax Court case, Jan Elizabeth Van Dusen v. Commissioner,136 T.C. No. 25, the court allowed a volunteer’s “unreimbursed expenses” incurred while taking care of stray cats in the taxpayer’s home for a 501(c)(3) charity

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