FASB Proposes Improvements to Not-For-Profit Financial Statements
Yesterday FASB issued a proposed Accounting Standards Update intended to improve existing standards for financial statement presentation for Nonprofit Organizations....By: Belfint Lyons & Shuman, CPAs
View ArticleBusiness Court Denies TRO In The Midst of A Proxy Fight
The Defendant in Allcorn v. Bradley Creek Boatominium, Inc. sought an injunction against the Plaintiffs in the midst of a proxy fight as to their allegedly defamatory statements in connection with the...
View ArticleNew York State Attorney General Issues Guidance on the Audit Oversight...
The New York State Attorney General’s Charities Bureau recently issued guidance on one of the key provisions of the New York Non-Profit Revitalization Act of 2013 (the “Act”). That guidance, titled...
View ArticlePhiladelphia's Nonprofit Recertification Requirement Abolished
On April 7, 2015, Mayor Michael Nutter signed Bill No. 150144 into law, thereby repealing a 2013 Ordinance that had required Philadelphia’s nonprofit property owners to annually recertify that their...
View ArticleWealth Management Update - April 2015
Obama Administration Announces Revenue Proposals - The Obama Administration has recently announced its Fiscal Year 2016 Revenue Proposals in its annual "Greenbook." The Greenbook sets forth the...
View ArticleCFPB praises FICO announcement on credit score sharing
The CFPB has praised an announcement by FICO that it will make credit scores available to financially struggling consumers through nonprofit credit and financial counseling organizations as “a step in...
View ArticleJoint Employment: Whose Employees Are You Liable For?
Much has been written in recent months about the National Labor Relations Board (NLRB) standard for joint employment liability between separate businesses, especially with respect to franchisor...
View ArticleTexas Supreme Court opinions (4/15), part 1
No. 12-0946, In re Bridgestone Americas Tire Operations, LLC -- The plaintiff is a Texas resident appointed to be the next friend of some minor children whose parents were killed in a vehicle accident...
View ArticleReal Property, Financial Services & Title Insurance Update: Week Ending April...
Statute of Limitations/Liens: one year statute of limitations to enforce equitable lien under Fla. Stat. sec. 95.11(5)(b) runs from last furnishing of labor, services, or material for improvement of...
View ArticleHospitals Are Still In The OFCCP's Crosshairs
On February 12, 2015, U.S. Labor Department’s Office of Federal Contract Compliance Programs (OFCCP) underscored its intent to continue to scrutinize hospitals, including nonprofit hospitals. The OFCCP...
View ArticleChanges to 2014 Form 990, Form 990-EZ, and Form 990-PF for Exempt Organizations
While the IRS made only minor changes to Form 990, Form 990-EZ, and Form 990-PF for the 2014 tax year, the IRS made significant revisions to Schedule A....By: McGuireWoods LLP
View ArticlePlan Confirmation Feasibility: “I Know It When I See It”?
In re Brandywine Towhouses, Inc., 524 B.R. 889 (Bankr. N.D. Ga. 2014) – The debtor was a nonprofit that owned a low and moderate income housing cooperative. It proposed a plan of reorganization that...
View ArticleReminder: Important (and Imminent) Tax Deadline for Parent Organizations of...
As you may recall, the Internal Revenue Service (IRS) issued final regulations regarding Section 501(c)(3) supporting organizations in December 2012. The imposition of an annual notice requirement for...
View ArticleCan an Indiana Chamber of Commerce’s Building Qualify for a Property Tax...
In Greater Portage Chamber of Commerce v. Porter County Assessor, Pet. No. 64-016-10-2-8-00001 (January 2, 2015), the Indiana Board of Tax Review confirmed the denial of a property tax exemption where...
View ArticleSixth Circuit Rules Against St. Johns, Michigan Ordinance Banning Charitable...
In a decision that should be of interest to many of our readers, the Sixth Circuit has affirmed a federal district court’s ruling that an ordinance in the City of St. Johns, Michigan (City) prohibiting...
View ArticleArizona Attorney General Opinion Embraces Taxpayer-Funded (Political)...
The Office of the Arizona Attorney General recently sparked debate by issuing an opinion advising two county attorneys that they may use public resources to disseminate messages about the dangers of...
View ArticleFederal Budget 2015: What it Means for Employers
On 12 May 2015, Treasurer, Joe Hockey, delivered the Coalition Government's second budget. A key part of the budget is the Government's AUD5.5 billion 'Jobs and Small Business' package, aimed at...
View ArticleTax-Exempt Parent Companies with For-Profit Subsidiaries
Recently, tax-exempt organizations have inquired whether it was legally permissible to establish a for-profit subsidiary to perform profitable work developed by the non-profit parent....By:...
View ArticleNFL Gives Up Tax-Exempt Status
Earlier this year, I posted about the possibility that the NFL may lose its tax exempt status. The NFL has decided instead to give up its tax-exempt status. It has been estimated that the tax-exempt...
View ArticleIRS Announces Potential Changes to Determination Letter Program
The commissioner for the Tax Exempt and Government Entities Division of the IRS stated during a recent conference that the IRS plans to change its determination letter program in 2017. Individually...
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