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The American Taxpayer Relief Act of 2012 extends IRA charitable rollover until December 31, 2013

Fox Rothschild LLP
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USA
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January 10 2013

The American Taxpayer Relief Act of 2012 (the Act) includes a number of provisions that will be favorable for philanthropy and charitable giving

Appeals court upholds ministerial exception for Church music director

Fox Rothschild LLP
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USA
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November 14 2012

In the landmark Hosanna-Tabor case decided earlier this year, the Supreme Court held that the First Amendment bars the government from interfering with the decision of a religious group to fire one of its ministers

After Madoff and other Ponzi schemes, have charities become more wary about donors bearing large gifts? Installment 83

Fox Rothschild LLP
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USA
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September 13 2012

There is evidence that some charities may be exercising greater caution in their gift acceptance policies as a result of the dramatic and sometimes devastating consequences that highly respected charities have suffered from involvement in the Ponzi schemes of Bernard L. Madoff (“Bernard”) and others

Prepare your nonprofit for the future by ensuring good governance policies

Fox Rothschild LLP
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USA
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September 10 2012

The purpose of this chapter is to determine how to develop the necessary policies and procedures needed for the nonprofit, communicating the importance of these policies and procedures and ensuring compliance throughout the nonprofit

Signatory authority of officers and the importance of a thorough bylaw review

Fox Rothschild LLP
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USA
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August 23 2012

After the President of Penn State University executed a consent decree with the NCAA, numerous parties announced they may bring a federal lawsuit against the athletic association alleging the university president had no authority to do so

IRS issues notice on charitable contributions to domestic disregarded entities

Fox Rothschild LLP
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USA
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August 1 2012

The IRS has issued a ruling to provide guidance on the deductibility of contributions to domestic single-member limited liability companies that are wholly owned and controlled by organizations described in 170(c)(2) of the Internal Revenue Code (U.S. charities) and for federal tax purposes are disregarded as entities separate from their owners under 301.7701-2(c)(2)(i) of the Procedure and Administration Regulations (SMLLCs

Tax Court Memorandum decision denies charitable deduction for highly valued real estate in Joseph Mohamed, Sr., TC Memo 2012-152

Fox Rothschild LLP
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USA
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June 4 2012

In a recently issued Tax Court Memorandum decision written by Judge Holmes the taxpayers were denied charitable deductions for millions of dollars in value of real property which they contributed by donation in 2003 and 2004 for the benefit of three charities as remaindermen of a charitable remainder unitrust

What constitutes a purely public charity for purposes of real property tax exemption?

Fox Rothschild LLP
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USA
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May 11 2012

The Appellant in this matter appealed a Commonwealth Court ruling, asking the Supreme Court of Pennsylvania to find that it was an “institution of a purely public charity” under Article VIII, Section 2(a)(v) of the Pennsylvania Constitution, entitling it to exemption from real estate taxes

The PicardWilpons settlement: what issues surface for the involved charitable private foundations and their respective fiduciaries?

Fox Rothschild LLP
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USA
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April 19 2012

This Installment addresses some of the effects on, and implications for, certain charitable private foundations (collectively, the “Involved Foundations”) and their respective officers, directors, trustees and foundation managers (collectively, the “Fiduciaries”) under the proposed settlement agreement dated April 13, 2012 (the “Settlement Agreement”), between Madoff Trustee Irving Picard and the numerous defendants, constituting the Wilpon-Katz-Mets individual, business, family trust and charitable interests (collectively, the “Wilpons”

Will JASA become more forthcoming in disclosing its substantial losses and risks from investing with Madoff? - Installment 62

Fox Rothschild LLP
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USA
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November 1 2011

Installment 61 of this blog series on Madoff discussed the $5.2 million clawback lawsuit (the “JASA Lawsuit”) recently filed by Trustee Irving Picard against Jewish Association for Services for the Aged (“JASA”), reaffirming the perplexing and inconsistent manner, virtually to the point of arbitrariness and unfairness, with which Picard has handled charities that invested with Madoff

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