IRS Publishes Final Regulations Regarding UBTI “Silos”
As described in our previous blog post, Code § 512(a)(6), which was enacted in 2017 as part of the Tax Cuts and Jobs Act (the “Act”), provides that, in the…
IRS Issues Statement Regarding Premature Revocation Notices
On March 13, 2020, an emergency declaration was issued authorizing the Secretary of the Treasury to provide relief from certain tax deadlines for taxpayers impacted by the ongoing COVID-19 epidemic….
SBA Issues New Guidance on PPP Loan Forgiveness
The Small Business Administration (“SBA”) has recently issued guidance regarding forgiveness of Paycheck Protection Program (“PPP”) loans authorized under the March 27, 2020 Coronavirus Aid, Relief, and Economic Security Act…
NY Charities Bureau Issues Guidance for Nonprofits Conducting Virtual Meetings of Members
As discussed in our previous blog post, on April 16, 2020 New York’s Governor Cuomo issued Executive Order No. 202.18 which, among other things, modified Not-for-Profit Corporation Law (“N-PCL”) §…
Executive Order Permits Nonprofit Membership Meetings to be Held Remotely
Section 603 (a) of the New York Not-for-Profit Corporation Law (“N-PCL”) provides that “[m]eetings of members may be held at such place, within or without this state, as may be…
SBA Unable to Accept New Coronavirus Relief Loan Applications
In our previous blog post, we discussed relief available for nonprofits under the Coronavirus Aid, Relief, and Economic Security (CARES) Act (the “Act”). As described, the Act authorizes up to $349 billion…
N.Y. Charities Bureau Extends CHAR500 Filing Deadline and Releases Guidance for Nonprofits
Most organizations that hold assets and/or conduct activities for charitable purposes in New York are required to register with the New York State Attorney General’s Charities Bureau pursuant to the…
Relief for Nonprofits Under the CARES Act
The Coronavirus Aid, Relief, and Economic Security (CARES) Act offers relief for businesses facing economic challenges due to the outbreak of coronavirus disease (COVID–19). Certain provisions of the Act expressly extend…
TEO Bulletin Authors Present at PLI’s Advising Nonprofit Organizations 2020 Program
TEO Bulletin author Pamela Mann recently led Practicising Law Institute’s full-day Advising Nonprofit Organizations 2020 continuing legal education program. Presenters also included fellow TEO Bulletin author Ahsaki Benion and chief…
Expenses for Qualified Transportation Benefits No Longer Taxable as Unrelated Business Income
On December 20, 2019, the Taxpayer Certainty and Disaster Tax Relief Act of 2019 (the “Act”) was signed into law as part of a larger appropriations bill. Among other things,…