Americans for Prosperity Foundation v. Bonta, No. 19-251, consolidated with Thomas More Law Center v. Bonta, No. 19-255. The Court’s opinion is available here.
On July 1, 2021, the Supreme Court held (6-3) that California’s requirement that charities operating or fundraising in the state file Schedule B to their IRS Form 990, which discloses…
The New York State Assembly and Senate have passed A1141A/S4817A, a bill to repeal certain recently enacted amendments to N.Y. Exec. Law § 172-b, which, effective January 1, 2021, (a) imposed duplicative and burdensome filing requirements on 501(c)(3) nonprofits and (b) required public disclosure of previously confidential information about their donors. The…
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 case of an organization with more than one unrelated trade or business, unrelated business taxable income (“UBTI”) shall be computed separately with respect to…
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…
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 for general business loans available to certain exempt organizations under the Paycheck Protection Program (“PPP”), and provides for Economic Injury Disaster Loan…
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…
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, the Act repeals a provision of the Tax Cuts and Jobs Act of 2017 (the “TCJA”) that rendered a tax-exempt organization’s expenses related to qualified…
Click here to read our Client Advisory regarding the recent change to the excise tax on investment income of private foundations.
New York’s “Stop Hacks and Improve Electronic Data Security Act (SHIELD Act)” (the “Act”) officially took effect on October 23, 2019. In pertinent part, the Act amends New York General Business Law (“GBS”) § 899 to expand the scope of “private information” covered under existing data breach notification provisions, to more broadly define what constitutes…
A federal judge has invalidated a New York state Ethics Law requiring § 501(c)(3) and § 501(c)(4) tax-exempt organizations to publicly report their donors under certain circumstances.
Background. Organizations exempt from taxation under Internal Revenue Code (“IRC”) § 501(c)(3) (charitable organizations) are expressly prohibited from participating in any political campaign activity for or against…
