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. In response, the Internal Revenue Service (IRS) postponed the deadlines for certain time-sensitive actions, including the deadline for exempt organizations to file an annual information
Client Advisories
SBA Issues New Guidance on PPP Loan Forgiveness
By Ahsaki E. Benion on
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 (“CARES Act”), as amended by the Paycheck Protection Program Flexibility Act (“PPPFA”).
Enacted on June 5, 2020, the PPPFA makes significant changes to the CARES…
Relief for Nonprofits Under the CARES Act
By Ahsaki E. Benion on
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 relief to organizations exempt from taxation under the Internal Revenue Code (the “Code”) and create incentives for charitable giving. Click here to read our…
New Act Simplifies Excise Tax on Investment Income for Private Foundations
By Ahsaki E. Benion on
Posted in Client Advisories, Laws/Regulations
Click here to read our Client Advisory regarding the recent change to the excise tax on investment income of private foundations.
New York Attorney General and PayPal Charitable Giving Fund Enter Into Agreement to Address Lack of Transparency in Charitable Giving Campaign
By Ahsaki E. Benion on
Posted in Client Advisories, Governance and Best Practices
On January 14, 2020, the New York Attorney General entered into an Assurance of Discontinuance (the “Settlement”) with PayPal Charitable Giving Fund (“PPGF”)—PayPal, Inc.’s charitable giving arm—to resolve issues raised during an investigation into PPGF’s 2016 giving campaign. The Settlement highlights the importance of adequate disclosure and vetting for third-party fundraising platforms that solicit charitable…
Taxpayer First Act Requires All Tax-Exempt Organizations to E-File
By Ahsaki E. Benion on
Our recent Client Advisory discusses the Taxpayer First Act , enacted on July 1, 2019, which includes amendments to the Internal Revenue Code that significantly impact tax-exempt organizations. Read it here.
Privacy & Cybersecurity
By Ahsaki E. Benion on
Our recent Client Advisory Cybersecurity and Privacy Risks for Nonprofits: Navigating the Minefield has been published in Pratt’s Privacy & Cybersecurity Law Report (Lexis A.S. Pratt), July 1, 2019. Read it here.
New Legal Requirement for New York Nonprofit Membership Corporations
By Ahsaki E. Benion on
Posted in Client Advisories, Laws/Regulations
Click here to read our Client Advisory explaining the recent legal requirement for both new and existing nonprofit membership corporations incorporated in New York.
Impact of the 2017 Tax Cuts and Jobs Act on the Nonprofit Sector
By Ahsaki E. Benion on
Click here to read our Client Advisory discussing the initial and ongoing impact of the 2017 Tax Cuts and Jobs Act on nonprofit organizations.
Cybersecurity and Privacy Risks for Nonprofits: Navigating the Minefield
By Jeremy S. Steckel on
Posted in Client Advisories
Click here to read our Client Advisory explaining why nonprofit organizations are particularly vulnerable to cyber-attacks, describing common cyber threats and applicable privacy and data breach laws and regulations, and providing recommended best practices for nonprofits.