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Don’t Forget the Sub

June 19, 2011

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Don’t Forget the Sub

June 19, 2011

Authored by: Keith Kehrer

Charity leaders often come up with creative ways to increase a charity’s cash flow.  Although these revenue producing activities are often tangentially related to the charity’s exempt activities, often these activities may be considered commercial or for-profit activities that could jeopardize the charity’s exempt status.   One strategy to protect the charity’s tax-exempt status is to conduct such activities through a for-profit subsidiary.  The IRS recently released Priv. Ltr. Rul. 201123036, confirming the long-standing position that a charity’s interest in a for-profit subsidiary will not jeopardize exempt status if properly structured.

IRS Exempt Organization Newsletter 2011-10

June 10, 2011

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On June 9, the IRS released its Exempt Organization Newsletter, Issue Number 2011-10.  Topics include the following:

  • IRS Identifies Organizations that Have Lost Tax-Exempt Status – Special Steps Announced to Help Revoked Groups
  • Portion of Schedule H Optional for 2010 Tax Year
  • Click here to review IRS Newsletter Issue 2011-10.

     

    IRS Exempt Organization Newsletter 2011-9

    June 10, 2011

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    On June 2, the IRS released its Exempt Organization Newsletter, Issue Number 2011-9.  Topics include the following:

  • IRS Requests Comments on Form 990 Related Issues
  • Advisory Committee on Tax Exempt and Government Entities To Submit Recommendations
  • Ten Things You Need to Know About the 2011 Tax Forums
  • Providing Disaster Relief to Storm Victims
  • Free Employment Tax Webinar For Tax Professionals
  • IRS Accepting Applications for Low Income Taxpayer Clinic Grants
  • IRS Restricts Use of Term “Registered Tax Return Preparer”
  • FBAR Filing Deadline Extended for Certain Financial Professionals
  • Click here to review IRS Newsletter Issue 2011-9.