On September 10, 2019, the Internal Revenue Service issued proposed updates to the information reporting regulations applicable to tax-exempt organizations. The proposed regulations generally incorporate existing statutory amendments and IRS guidance provided since the current regulations were adopted.
Among the proposals is a regulation that would put into effect the changes previously announced in Revenue…
On July 30, 2019, the court in Bullock v. IRS, No. CV-18-103-GF-BMM (D. Mont. July 30, 2019) invalidated IRS Revenue Procedure 2018-38 governing tax-exempt organizations’ disclosure of donor information on the grounds that it was promulgated without the required notice-and-comment period.
Background
As described in our previous blog post, prior to Revenue Procedure…
The Internal Revenue Service (“IRS”) defines virtual currency as “a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value.” Virtual currency is not backed by a government-issued legal tender. Convertible virtual currency such as Bitcoin—by far the most popular—may be used to pay for…
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.
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.
On May 6, 2019, the New York and New Jersey Attorneys General filed a lawsuit against the U.S. Department of the Treasury (the “Treasury Department”) and its bureau the Internal Revenue Service (the “IRS”) for failing to respond records requests made pursuant to the Freedom of Information Act (“FOIA”). The requests sought records and information…
On July 19, 2018, the New York Attorney General announced a settlement with Tennessee-based charity Operation Troop Aid Inc. (“OTA”) for failure to properly oversee donations received as part of a commercial co-venture.
OTA operated for the stated purpose of sending care packages to military service members, primarily during deployment. From at least 2012 to…
Internal Revenue Service Notice 2018-67 (the “Notice”) sets forth interim guidance relating to Internal Revenue Code § 512(a)(6) Special rule for organization with more than one unrelated trade or business.
Enacted on December 22, 2017 as part of Public Law 115-97 (the “Tax Cuts and Jobs Act”), Code § 512(a)(6) provides that
in the…
Click here to read our Client Advisory explaining the recent legal requirement for both new and existing nonprofit membership corporations incorporated in New York.
Effective October 9, 2018, New York Labor Law § 201-G requires all New York state employers—including nonprofit organizations—to maintain a sexual harassment prevention policy and conduct an interactive sexual harassment prevention training program that meets certain minimum standards set forth in models provided by the Department of Labor. Employers may adopt the models promulgated by…
