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IRS Exempt Organization Newsletter 2013-26

December 30, 2013


On December 24, the IRS released its Exempt Organization Newsletter, Issue Number 2013-26. Topics include the following:

  • IRS issues new interim guidance for supporting organizations and grantors
  • New guidance provides transition relief for employee health insurance expenses
  • IRS offers tips for year-end giving
  • Year-end updates on retirement plans matters for exempt organizations
  • 2014 PTIN renewal period underway for tax professionals
  • Happy New Year!
  • Bryan Cave Appoints Therese Pritchard as Chair-Elect

    December 30, 2013


    The Tax-Exempt Team at Bryan Cave congratulates DC Partner Therese Pritchard for her appointment as Chair-Elect of Bryan Cave.  She will become Chair of the Firm upon the expiration of Don Lents’ term in October 2014.

    DC Partner Therese Pritchard has been featured in numerous outlets for the announcement that she will succeed Don Lents as chair in October 2014. Pritchard will become the first woman in the firm’s 140-year history to hold the role of chair. Pritchard was featured Dec. 18 in The Wall Street Journal’s law blog, The Washington Post, Law360, The AmLaw Daily, the St. Louis Post-Dispatch and in the St. Louis and Kansas City business journals, among others. “Our challenges are some of the same challenges facing the entire legal industry,” Pritchard told The Wall Street Journal. “We have to work hard to expand and deepen and grow our significant relationships with our clients, and find

    IRS Issues Notice Regarding Functionally Integrated Supporting Organizations

    December 30, 2013


    IRS Notice 2014-4 provides interim guidance for Type III supporting organizations seeking to qualify as functionally integrated by supporting a governmental supported organization. It also modifies section 3 of Notice 2006-109, 2006-2 C.B. 1121, by providing interim guidance to certain grantors in determining whether a potential grantee is a Type I, Type II, or functionally integrated Type III supporting organization for purposes of the excise taxes imposed under §§ 4942, 4945, and 4966 of the Internal Revenue Code (Code).  View a copy here

    IRS Issues New Guidance on In-Plan Roth Rollovers

    December 19, 2013


    From BenefitsBryanCave.com

    On December 11th, the IRS issued new guidance (Notice 2013-74) regarding rollovers of a distribution from an individual’s non-designed Roth accounts within a retirement plan to his or her designated Roth account in the same plan (often referred to as “In-Plan Roth Conversions” or “In-Plan Roth Rollovers”). Such In-Plan Roth Rollovers may be tax-free to the applicable participant in a 401(k), 403(b), or 457(b) governmental plan if certain requirements are met under Code Section 402A.

    The Notice clarifies a number of points which plan sponsors should be aware of when adding and/or administering an In-Plan Roth Rollover feature, including the types of contributions which may be rolled over and how such amounts must be treated by the applicable plan once rolled over. The Notice also provides for certain extensions which may permit 401(k) plan sponsors to amend their plan documents to incorporate In-Plan Roth Rollovers as

    IRS Exempt Organization Newsletter 2013-25

    December 17, 2013


    On December 16, the IRS released its Exempt Organization Newsletter, Issue Number 2013-25. Topics include the following:

  • IRS to employers: Hire veterans by December 31 and save on taxes
  • 2014 standard mileage rates for business, medical and moving announced
  • Register for the phone forum:  ABCs of charitable contributions for 501(c)(3) organizations
  • Copies of scanned EO returns available
  • Don’t fall for charity scams following disasters
  • Overtime Pay and the Fair Labor Standards Act: What Nonprofit Organizations Need to Know

    December 11, 2013


    January 16, 2014 | 3–5 PM | Fee $25 Presenter: Dennis Donnelly, Counsel, Bryan Cave LLP

    Nonprofit organizations are not exempt from the laws that cover fair wages and compensation for employees. In particular, nonprofits need to be aware of the Fair Labor Standards Act (FLSA) and its regulations relating to “exempt” vs. “nonexempt” employees, and the requirement for overtime pay. This class will provide an overview of the FLSA, and will examine some of the cases, problems, and typical pitfalls that relate to nonprofit organizations. This class will also present information on how to prevent and cure FLSA liabilities and violations. Click here to register!

    For additional information about this class, and all the continuing education classes offered by the Nonprofit Management & Leadership Program, please check out our web site at: http://www.umsl.edu/divisions/graduate/ppa/npml/Noncredit%20Courses/index.html

    Treasury, IRS Will Issue Proposed Guidance for Tax-Exempt Social Welfare Organizations

    November 26, 2013


    The IRS announced today that the U.S. Department of the Treasury and the IRS will issue initial guidance regarding qualification requirements for tax-exemption as a social welfare organization under section 501(c)(4) of the Internal Revenue Code. This proposed guidance defines the term “candidate-related political activity,” and would amend current regulations by indicating that the promotion of social welfare does not include this type of activity. The proposed guidance also seeks initial comments on other aspects of the qualification requirements, including what proportion of a 501(c)(4) organization’s activities must promote social welfare.

    IRS Exempt Organization Newsletter 2013-23

    November 22, 2013


    On November 19, the IRS released its Exempt Organization Newsletter, Issue Number 2013-23. Topics include the following:

  • IRS warns consumers of possible scams relating to relief of typhoon victims
  • Seminars from the 2013 Forums available at IRS Nationwide Tax Forums Online
  • 2014 PTIN renewal period underway for tax professionals
  • IRS Exempt Organization Newsletter 2013-22

    November 15, 2013


    On November 15, the IRS released its Exempt Organization Newsletter, Issue Number 2013-22. Topics include the following:

  • Looking for the 2012 Forms 990?
  • Revenue procedure provides details about inflation-adjusted items for 2014
  • 2014 PTIN renewal period underway for tax professionals
  • Register for upcoming EO workshop
  • IRS warns of pervasive telephone scam