News & Analysis as of

Income Taxes › Internal Revenue Code (IRC) › 501(c)(3)

Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect... more +
Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -
McDermott Will & Emery

Weekly IRS Roundup July 15 – July 19, 2024

McDermott Will & Emery on

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of July 15, 2024 – July 19, 2024. ...more

Freeman Law

Nonprofits and Prohibited Inurement (?)

Freeman Law on

It’s always wonderful when Congress includes in a statute a word that practically no one – except maybe tax attorneys – might use in their lifetime, much less in day-to-day parlance: Inure. When was the last time you used the...more

ArentFox Schiff

Section 501(c)(4) and the Social Welfare Organization

ArentFox Schiff on

On September 14, 2022, The New York Times published an article detailing the Chouinard family’s transfer of the majority of their ownership interests in Patagonia to a 501(c)(4) nonprofit organization....more

Ballard Spahr LLP

IRS Addresses Non-Exempt Tax Status for NIL Organizations

Ballard Spahr LLP on

Summary - The IRS recently advised that many organizations that develop paid name, image, and likeness—known as NIL—opportunities for college student-athletes are not eligible for tax-exempt status under Internal Revenue...more

Freeman Law

Tax Court in Brief | Commonwealth Underwriting & Annuity Servs. v. Comm’r | Denial of Exemption Under IRC 501(c)(15)

Freeman Law on

Summary: Commonwealth challenges the IRS’s denial of application for tax exemption under 501(a), claiming, by submission for declaratory judgment, to be an organization described in section 501(c)(15). Commonwealth was...more

Freeman Law

Tax Court in Brief | XC Foundation v. Comm’r | Tax Court Jurisdiction and Corporate Capacity to Seek Relief

Freeman Law on

Summary: XC Foundation (“XC”) was incorporated in California in 2007. In 2008, the IRS issued XC a determination letter recognizing it as exempt from federal income tax under section 501(c)(3) and as a private foundation...more

Freeman Law

Yeah, Science! IRS Issues Guidance Section 501(c)(3) Scientific Organizations

Freeman Law on

In the Netflix series, Breaking Bad, character Jesse Pinkman exclaimed, “Yeah, Science!!” as his meth-lab mentor, Walter White, displayed how chemistry can be used to hone their joint venture. While the activity in which they...more

Freeman Law

Tax Exemption and Unrelated Business Income Rules (UBIT): “Substantially Related” (Part 3 of 3)

Freeman Law on

This Insights blog is Part 3 of a 3-Part series focused on the unrelated business income tax rules for the nonprofit organization that is tax-exempt pursuant to section 501(c)(3) of the Internal Revenue Code (the “Code”)....more

Bond Schoeneck & King PLLC

Employees Telecommuting Across State Lines? 5 Things Nonprofits Should Know 

Bond Schoeneck & King PLLC on

Let’s consider a scene that has become increasingly familiar over the past two years: Nonprofit “A,” an organization exempt from federal income tax under Internal Revenue Code Section 501(c)(3) and headquartered in New...more

Goodwin

Introduction To “Friends Of” Organizations

Goodwin on

Under § 170(c) of the Internal Revenue Code of 1986 as amended (the “Code”), a U.S. taxpayer may only claim a deduction on his or her federal income tax return for contributions made to 501(c)(3) charitable organizations...more

Snell & Wilmer

IRS Requires Electronic Filing of Revised Form 1023 for 501(c)(3) Applications

Snell & Wilmer on

The IRS recently announced that Form 1023, Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, may only be filed electronically. Although the effective date of the change is January...more

Saul Ewing LLP

Mayo Clinic Convinces Federal District Court (Minn.) That It Is an “Educational Organization” Entitled to Treat Its Debt-Financed...

Saul Ewing LLP on

The Mayo Clinic is granted a tax refund of $11.5 million, claiming that the income, even though unrelated to its exempt purposes and debt-financed, is nevertheless exempt from tax since the Mayo Clinic qualifies as an...more

Proskauer Rose LLP

Personal Planning Strategies - September 2018

Proskauer Rose LLP on

With over a century of combined experience, the lawyers of Proskauer's Private Client Services Department regularly provide their diverse clientele – from business entrepreneurs and corporate executives to sports figures and...more

Burr & Forman

RMDs: Another Concern for 403(b) Plans

Burr & Forman on

Section 403(b) of the Internal Revenue Code of 1986, as amended (the “Code”) authorizes a type of retirement plan that can be sponsored by certain tax exempt organizations (e.g., a Code Section 501(c)(3) organization,...more

14 Results
 / 
View per page
Page: of 1

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
Sign up Log in
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide