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New Regulations for Charitable Contributions in Exchange for State or Local Tax Credits

June 19, 2019

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The IRS has issued final regulations that address the question of whether a state or local tax credit should be treated as a return benefit, or quid pro quo, when received in return for making a charitable contribution. Under Reg § 1.170A-1(h)(3), the amount of a taxpayer’s charitable contribution deduction under section 170(a) is reduced by the amount of any state or local tax credit that the taxpayer receives or expects to receive in consideration for the taxpayer’s payment or transfer. An exception applies for taxpayers when the state and local tax credits received or expected to be received is 15 percent or less of the taxpayer’s payment or fair market value of the property transferred.

The new regulation also addresses whether state or local tax deductions received in return for making a charitable contribution should be treated as a return benefit. Unlike tax credits, however, state or local tax

Form 990-T Fiscal Year 2017 Corporate Filers Apply Blended Rate to Unrelated Business Taxable Income (UBTI) for Entire Taxable Year

June 7, 2019

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The IRS reminds Form 990-T Corporate Filers of new tax law provisions that could affect the tax rate applicable to their UBTI. Specifically, fiscal 2017 corporate filers should apply a blended rate to their UBTI for the entire 2017 taxable year, including any UBTI from amounts paid or incurred after December 31, 2017 that increase UBTI under new Section 512(a)(7).

The Tax Cuts and Jobs Act (TCJA) introduced a flat 21 percent corporate tax rate for tax years beginning after December 31, 2017. However, corporations with fiscal tax years beginning in 2017 and ending in 2018 calculate their tax by blending the rates in effect before 2018 with the rate in effect after 2017. An exempt organization that’s a corporation with a 2017 fiscal year calculates its tax liability by applying the pre-2018 rate and the post-2017 rate to the corporation’s taxable income for the entire tax year. It prorates

Statistician, revenue agent, and tax examining technician opportunities at the IRS, Tax Exempt & Government Entities

May 28, 2019

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The IRS Tax Exempt & Government Entities Division (TE/GE) has a wide range of job opportunities available. Apply today to become part of our team and help us oversee a vital part of the nation’s tax system.

  • Apply today to become a Statistician. As a Statistician you’ll design, develop, and implement statistical projects, studies and proposals that affect IRS programs and policies.Statistician (Compliance, Planning and Classification) Multiple Locations This job is open 05/23/2019 to 05/28/2019

    Statistician (Compliance, Planning and Classification) Multiple Locations This job is open 05/23/2019 to 05/31/2019

  • TE/GE has many revenue agent positions available across the country for the Exempt Organizations and Employee Plansprograms. As a revenue agent you will use your professional knowledge and skills in accounting, and auditing techniques and practices to examine tax returns and determine the correct tax liability.Internal Revenue Agent (Exempt Organizations) Multiple Locations This job is open 01/30/2019 to
  • Successful Grant Writing

    May 22, 2019

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    Successful Grant Writing

    May 22, 2019

    Authored by: Keith Kehrer

    Thursday, June 20, 2019 from 9 a.m. to 4 p.m. in #410 Social Science and Business (SSB) building (located on the UMSL north campus)

    In the highly competitive world of grants, learn the art and science of creating excellent grant applications. Share perspectives and embrace practical examples that will give you an edge in writing proposals and obtaining funding. You will leave this interactive session with tools and techniques you can put to immediate use as you seek funds from the private sector. Hands-on activities will be more meaningful if you come to class with a project in mind – it can be for any project at any amount.  From the initial research to thanking the donor, this comprehensive session is good for beginners and seasoned grantwriters alike. The class will also explore the growing area of Donor Advised Funds and their potential impact on foundation giving. Lunch included (in

    Clarification to EO Update issued May 6, 2019

    May 7, 2019

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    “Issue 1” in yesterday’s EO Update stated that organizations should report their correct organization type. The IRS wishes to clarify that the intent of this tip was to remind filers to accurately and fully complete information about their public charity status on Schedule A. As indicated in the instructions to Schedule A, the public charity status an organization indicates on Schedule A can be the same as stated in the organization’s tax-exempt determination letter from the IRS (“exemption letter”) or subsequent IRS determination letter, or it can be different. SeeInstructions for Schedule A for more information.

    Three Tips to Help You File a More Complete Form 990-Series Return

    May 6, 2019

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    A tax-exempt organization using the calendar-year as its tax year must file a Form 990-series return by May 15th, unless it has filed Form 8868,Application for Automatic Extension of Time To File an Exempt Organization Return.

    The IRS suggests organizations consider these three tips to help ensure a complete return and reduce the chances we’ll send your return back or need to request additional information:

    Issue 1: Report your organization’s correct organization type.Many organizations report the incorrect organization type in Part I ofSchedule A, Public Charity Status and Public Support, which all 501(c)(3) organizations must file with Form 990 or 990-EZ.

    Solution: Look at the letter we sent your organization recognizing you as exempt (your “determination” letter) to verify your correctorganizational type.

    Issue 2: Employment taxes. Many organizations forget to file required employment tax returns, such as Forms W-2, 940, 941 or 945.

    Solution: Learn about employment

    Moving Toward Higher Performing, Energized Boards, Committees and Board-Executive Relations

    April 22, 2019

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    Thursday, May 9 from 1-5 p.m. in # 402 J.C. Penney Conference Center (on the UMSL north campus)

    Do you want to strengthen your board and committees’ effectiveness and contribution to organizational success, while forging a more satisfying, effective board-executive relationship?

    Do you wish you could organize your board, executive, and staff responsibilities and relationships to best suit your organization’s size and resources?

    Does each of these parties’ roles, work and relations need to change to align with a transition or a changing stage in your organization’s development?

    Do you wish board and committee work, for both their members and the staff supporting them, could be more productive and fulfilling?

    This workshop is designed for staff executives, board leaders and members, or people aspiring to such roles who want to find answers to these questions.  To enable them to successfully address these questions , participants will take away a practical

    Form 990-series information returns are due May 15

    April 12, 2019

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    Many tax-exempt organizations must file information returns by May 15

    Online training for small and mid-size 501(c)(3) organizations

    IRS Nationwide Tax Forums offer:

    • Continuing education via educational seminars
    • Case Resolution Program
    • Opportunities to talk with IRS subject

    BCLP Awarded “Private Client Team of the Year 2019” by Legal Business Awards

    April 4, 2019

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    The Legal Business Awards recently honored Bryan Cave Leighton Paisner LLP with its “Private Client Team of the Year” award for 2019.  The event took place at the Grosvenor House in London on March 28, 2019.

    BCLP received the award based on a combination of factors, including:

    • the merger of its legacy Berwin Leighton Paisner / Bryan Cave teams into a global private client practice
    • the firm’s Middle East work, including the Shari’a advice, and UAE / ADGM work
    • its ability to work with clients across the world, with a focus Europe, USA, Middle East, and Asia
    • the range of work the firm can cover, from high net worth individuals, to wealth management institutions and family offices
    • its Family Asset Protection and divorce practice
    • its BCLP Residential practice
    • its advice on the treatment of complex Liechtenstein foundations by HMRC
    • the firm’s wider Private Wealth offering

    IRS Revises EIN Application Policy, Now Requires an Individual to be Listed as the “Responsible Party”

    The IRS announced on March 27, 2019 that in an effort to enhance security and improve transparency, the “responsible party” on applications for an employer identification number (EIN) must now be a natural person.

    An EIN is the tax identification number assigned to entities such as trusts, estates, retirement plans, LLCs, partnerships, and corporations.  An entity obtains such a number by completing the IRS Form SS-4 or an online application.  One question in the application process asks the applicant to identify the “responsible party,” which the IRS defines as “the person who ultimately owns or controls the entity or who exercises ultimate effective control over the entity.” In deciding who to list as the responsible party, the IRS encourages applicants to consider whether the party has “a level of control over, or entitlement to, the funds or assets in the entity that, as a practical matter, enables the person, directly