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
Laws/Regulations
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 York and New Jersey Attorneys General File Suit to Compel Disclosure of Information Related to Change in IRS Form 990 Schedule B Reporting Requirements
By Ahsaki E. Benion on
Posted in Internal Revenue Service, Laws/Regulations
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…
Recent Commercial Co-Venture Enforcement Action Highlights Risks of Noncompliance
By Ahsaki E. Benion on
Posted in Laws/Regulations
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…
IRS Interim Guidance for Organizations Subject to Unrelated Business Income Tax
By Ahsaki E. Benion on
Posted in Internal Revenue Service, Laws/Regulations
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…
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.
NY Employers: Mandatory Sexual Harassment Prevention Policy and Training
By Ahsaki E. Benion on
Posted in Governance and Best Practices, Laws/Regulations
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…
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.