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Advisory Committee on Tax Exempt and Government Entities (ACT) Releases Public Report

June 26, 2015

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The 14th report of recommendations of the Advisory Committee on Tax Exempt and Government Entities (ACT) addresses five issues:

  • Employee Plans: Analysis and Recommendations Regarding 403 (b) Plans
  • Exempt Organizations: The Redesigned Form 990 – Recommendations for Improving its Effectiveness as a Reporting Tool and Source of Data for the Exempt Organization Community
  • Federal, State and Local Governments: FSLG Education and Outreach – Review and Recommendations
  • Indian Tribal Governments: Report on Recommendations for Outreach and Training – A Revision to the Indian Tax Desk Guide
  • Tax Exempt Bonds: Doing More With Less – Balancing Resources and Needs.
  • The 20 members of the ACT presented their report to the IRS in a public meeting in Washington, DC on June 17, 2015.

    Workshop: Legal Issues for Nonprofit Board Member

    June 24, 2015

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    When: Thursday, Aug. 13, 2015 from 3-5 p.m. Where: Social Sciences and Business Building — SSB #218 on the UM-St. Louis North Campus Fee: $20

    Program Description: Given the vital role of volunteer nonprofit corporate board members in our region, and in the entire nonprofit sector, it is of utmost importance that more people fully understand the responsibilities that go with joining the board of a nonprofit corporation. This class will help individuals and organizations better understand the duties, obligations, and liabilities that apply to the members of the board of directors of a nonprofit corporation, regardless of its size or programs. In addition to covering both Missouri law and general legal principles that relate to nonprofit board membership, this class will also discuss board member protections in the form of insurance, indemnification, and statutory protection from some forms of liability.

    Instructor: DAN SISE, JD, joined the Nonprofit Management

    Leverage Lender Issues

    June 10, 2015

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    Leverage Lender Issues

    June 10, 2015

    Authored by: Jerry Breed

    In comments at the ABA Forum – IRS/Treasury meetings, Paul Handleman, chief of the passthroughs and special industries branch of the IRS Chief Counsel’s office, raised the question as to whether Revenue Ruling 2003-60 is applicable to sponsor leverage loans. Revenue Ruling 2003-60 holds that a leverage loan may be includible in the amounts of a “Qualified Equity Investment” for purposes of the New Markets Tax Credit. The ruling references the leverage lender as a “bank”, presumably not related to the QALICB or the sponsor of the QALICB.

    Since the issuance of Revenue Ruling 2003-60, the industry has considered the scope of the ruling to include all lenders regardless of their relationship with the QALICB. Standard rules of classifying debt and equity as well as standard methods of determining whether transactions should be recharacterized under step-transaction, sham transaction or economic substance, however, remain applicable. Footnote 344 to the HERA provides

    Review of Income Tax Deduction Rules for Charitable Gifts

    June 10, 2015

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    According to area newspaper the St. Louis Post Dispatch, one of St. Louis’ wealthiest families, that of Enterprise Holdings founder Jack Taylor, is making some very large charitable donations this week–a total of $92.5 million to 13 cultural institutions and charities, most local to St. Louis.

    In light of this, we thought now would be a good time to remind everyone of some of the basic income tax deductions available for gifts to charities.

    Section 170 of the Internal Revenue Code (the “Code”) governs income tax deductions for charitable contributions. In the case of an individual making a cash gift to a Section 501(c)(3) organization classified as a “public charity” (such as churches, schools, hospitals, and governmental units), the gift is deductible for federal income tax purposes so long as the aggregate gifts do not exceed fifty percent (50%) of the taxpayer’s adjusted gross income (“AGI”) for the taxable year.

    In the case

    Volunteering Across the Lifespan: Engaging Volunteers of All Ages

    June 3, 2015

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    When: Friday, June 26, 2015 from 9 a.m. to 4 p.m. Where: J.C. Penney Conference Center UMSL North Campus Fee: $60 for MVMA members; $75 for non-members – Click here to register now! or call 314-516-5961 

    Program Description: How can you engage volunteers from pre-school to retirement? This workshop will present the unique challenges and best practices from volunteer managers working with volunteers of all ages. Topics will include best practices for the unique needs of each generation from recruiting, training, engaging and retaining.

    Instructors: The workshop instructors are experienced volunteer managers. Each will talk about leading volunteers in an age group in which they have extensive expertise:

    Youth (under 13). Nicole Dalton is the External Collaborations Coordinator for the Girl Scouts of Eastern Missouri. Nicole’s seven years with the Girl Scouts have included working with local troops and volunteers, managing large scale events for the membership, coordinating volunteer

    IRS Exempt Organization Newsletter 2015-7

    June 3, 2015

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  • Register for IRS webinar: 501(c)(7) Social Clubs: What they need to qualify for and maintain tax-exempt status
  • IRS Nationwide Tax Forums begin in July
  • Tax relief for damage from severe storms, tornadoes, straight-line winds and flooding in Oklahoma
  • Maintain eligibility to sponsor a 403(b) plan
  • How does the Taxpayer Advocate Service work for you?
  • Recent revocations
  • Register for EO workshops
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