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Register for IRS webinar: Overview of Requirements for Charitable Hospitals Under ACA Section 501(r)

September 28, 2016

Categories

September 29 2 p.m. ET

Register for this event.

The Affordable Care Act added additional requirements that affect tax-exempt hospitals.

Learn about:

  • Community Benefit Standard for 501(c)(3) Hospitals
  • Community Health Needs Assessment and Implementation Strategy
  • Financial Assistance and Emergency Medical Care Policy
  • Limitation on Charge Requirements
  • Billing & Collection Requirements

Recent SEC Settlement Demonstrates FCPA Risks from Charitable Contributions

September 28, 2016

Categories

For just the second time in the Foreign Corrupt Practices Act’s (FCPA) history, a company was charged with FCPA offenses based solely on a charitable contribution that was intended to buy the influence of a foreign official.

On September 20, 2016, Utah-based Nu Skin Enterprises, Inc. paid almost $766,000 to settle SEC charges that it violated the internal controls and books-and-records provisions of the FCPA when Nu Skin’s China subsidiary (the “Subsidiary”) made a $154,000 payment to a charity. The SEC alleged that the charitable donation was to improperly influence a high-ranking Chinese Communist party official to prevent a provincial agency investigation of the Subsidiary.

Click here to read the Alert in full.

Register for two upcoming ACA webinars

September 21, 2016

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Register for two upcoming ACA webinars

September 21, 2016

Authored by: Keith Kehrer

1.  Register for IRS webinar: Determining full-time employee status under the Affordable Care Act

September 22

2 p.m. ET

Register for this event.

Learn about:

  • Determining full-time employees for purposes of the Employer Shared Responsibility Provisions
  • How to determine full-time status for employees who are seasonal, part-time or work non-traditional schedules
  • Using the look-back method and the monthly measurement method
  • Initial measurement, stability, standard measurement and administrative periods

 2.  Register for IRS webinar: Overview of Requirements for Charitable Hospitals Under ACA Section 501(r)

September 29

2 p.m. ET

Register for this event.

The Affordable Care Act added additional requirements that affect tax exempt hospitals.

Learn about:

  • Community Benefit Standard for 501(c)(3) Hospitals
  • Community Health Needs Assessment and Implementation Strategy
  • Financial Assistance and Emergency Medical Care Policy
  • Limitation on Charge Requirements
  • Billing & Collection Requirements

Tax Exempt Government Entities

August 26, 2016

Categories

Tax Exempt Government Entities

August 26, 2016

Authored by: Keith Kehrer

The IRS is seeking applicants for vacancies on the Advisory Committee on Tax Exempt and Government Entities (ACT). The committee provides advice and public input on the various areas of tax administration served by the Tax Exempt and Government Entities Division (TE/GE). Applications will be accepted through Sept. 26.

Don’t forget to register for the free webinar about the IRS Tax Calendar for Businesses and Self-Employed

August 22, 2016

Categories

When: August 24, 2016; 2 p.m. (Eastern)

How: Register for this event. You will use the same link to attend the event.

Learn about:

  • The online tax calendar
  • The Desktop Calendar Tool (IRS CalendarConnector)
  • The Mobile Calendar Tool (IRS CalendarConnector)
  • How to Subscribe/Download into Your Calendar
  • How to Obtain Calendar Reminders (RSS Feeds)

Note, we will not be offering Continuing Education Credit for this event.

You may login and download the presentation slides beginning 15 minutes before the program.

Resource:

IRS Tax Calendar for Businesses and Self-Employed

View due dates and actions for each month. You can see all events or filter them by monthly depositor, semiweekly depositor, excise, or general event types. Visit this page on your Smartphone or tablet, so you can view the Online Calendar on your mobile device.

Review of Income Tax Deduction Rules for Charitable Gifts

August 22, 2016

Categories

People.com is reporting that Amber Heard, who received a $7 million settlement in her divorce from Johnny Depp this week, is donating the entire $7 million settlement to charities with “a particular focus to stop violence against women” as well as the Children’s Hospital of Los Angeles.

In light of this newsworthy charitable donation, 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

EO Update: e-News for Charities & Nonprofits

August 9, 2016

Categories

Watch this free webinar about the IRS Tax Calendar for Businesses and Self-Employed

When: August 24, 2016; 2 p.m. (EDT)

How: Register for this event. You will use the same link to attend the event.

Learn about tracking federal tax due dates on your computer or mobile device 

  • The online Tax Calendar
  • The Desktop Calendar Tool (IRS CalendarConnector)
  • The Mobile Calendar Tool (IRS CalendarConnector)
  • How to Subscribe/Download into Your Calendar
  • How to Obtain Calendar Reminders (RSS Feeds)

Please note that we won’t be offering Continuing Education Credit for this event.

Resource:

IRS Tax Calendar for Businesses and Self-Employed

View due dates and actions for each month. You can see all events or filter them by monthly depositor, semiweekly depositor, excise, or general event types. Visit this page on your Smartphone or tablet, so you can view the Online

Cautionary Observations from the Proposed 457 Regulations

July 14, 2016

Categories

After more than nine years of deliberations, the IRS has finally released proposed regulations governing all types of deferred compensation plans maintained by non-profit organizations and governmental entities.

In issuing these regulations, the IRS reiterates its long-standing theme that these regulations are intended to work in harmony with, and be supplemental to, the 409A regulations. However, the IRS provides little guidance on how these regulations interact with each other.  The following discussion focuses on 3 key aspects of the new guidance: the severance exemption, the substantial risk of forfeiture requirement, and leave programs.

As with the 409A regulations, the 457 regulations exempt severance pay plans from the rules and taxes applicable to deferred compensation. The 457 regulations apply similar criteria with one notable exception: they do not apply the 401(a)(17) compensation limit in determining the “two times” dollar cap on amounts that can be paid pursuant to an exempt severance

EO Update: e-News for Charities & Nonprofits

July 11, 2016

Authored by:

Categories

EO Update: e-News for Charities & Nonprofits

July 11, 2016

Authored by: larryt

  • New requirement for organizations intending to operate under Section 501(c)(4): Submit Form 8976 New legislation enacted at the end of 2015 added section 506 to the Internal Revenue Code. Section 506 requires an organization to notify the IRS of its intent to operate as a section 501(c)(4) organization. The IRS has developed a new form – Form 8976 – that organizations should use to provide this notification. The Form 8976 may only be submitted electronically. The Form 8976 – Electronic Registration System allows organizations to complete the notification process, keeps account information current and enables organizations to receive secure, digital communications from the IRS. A user fee of $50 must be submitted to Pay.gov to complete your organization’s notification. You do not need special software to submit a notification. Learn more.
  • User fee decreased for Form 1023-EZ On July 1 the user fee to process the Form
  • Deadline Reminder for Employers and Providers: Electronically File Information Returns with IRS by June 30

    June 24, 2016

    Authored by:

    Categories

    Self-insured employers, applicable large employers and health coverage providers are reminded that the June 30 deadline to electronically file information returns with the IRS is approaching.

    The deadline to provide information returns to employees or responsible individuals was March 31. While the deadline to file paper information returns with the IRS was May 31, electronic filers have more time. This chart provides a reminder about the upcoming filing requirement and the June 30, 2016, deadline.

    Action

    Electronic Filing Due Dates in 2016 for…

    Applicable Large Employers – Including Those That Are Self-Insured

    Self-insured Employers That Are Not Applicable Large Employers

    Coverage Providers –       Other Than Self-Insured Applicable Large Employers*

    Electronically File 1094-B and 1095-B with the IRS

    Not Applicable **

    June 30*

    June 30*

    Electronically File 1094-C and 1095-C with the IRS

    June

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