The tax-exempt sector employs 29% of the American workforce and controls nearly $53 trillion in assets according to IRS statistics. Tax-exempt organizations also account for about 26% of the $1.5 trillion in federal tax expenditures (revenue losses due to tax-exempt status). Recognizing this large financial impact, governing authorities require nonprofits and their leaders to navigate complex tax rules to retain their federal tax-exempt status. Read more to learn about recent key developments...
By: McGuireWoods LLP
By: McGuireWoods LLP