New IRS Notice Requirement for 501(c)(4) Organizations ** September 6 Filing...
On July 8, 2016, the Internal Revenue Service (IRS) issued Revenue Procedure 2016-41 implementing a provision of the Protecting Americans from Tax Hikes Act of 2015 (the “PATH Act”). The provision,...
View ArticleDrug Companies and Charitable Patient Foundations
Charitable organizations can easily become enmeshed in Justice Department enforcement issues. We have seen charities used in FCPA cases as a means to funnel bribes to government officials, spouses or...
View ArticleTeaming Sports Stars, Good Causes Great – But Know the Rules
Many sports figures have created nonprofit organizations to raise funds for a cause close to their hearts. But the reality is that athletes’ foundations aren’t always successful in raising money for...
View ArticleWhat, If Anything, Impedes The SEC’s Whistleblower Rule?
As I suspected, law firms are churning out memoranda on the SEC’s recent enforcement actions involving alleged impediments to whistleblowers. While accurately, summarizing these actions, I’m not sure...
View ArticleIRS Guidance on Section 457: What Non-Profit and Governmental Employers Need...
We're back with the second installment in our series on the IRS's Section 457 proposed rules. The first alert covered Section 457(f) basics and discussed the meaning of "deferred" compensation....By:...
View ArticleWhat Does the Chan Zuckerberg Initiative Mean for Modern Philanthropy?
In an open letter to their newborn daughter last December, Facebook CEO Mark Zuckerberg and wife Priscilla Chan announced they will eventually give 99 percent of their Facebook shares during their...
View ArticleIRS Notice Provides Support for Socially Responsible Investing by Private...
In recent years, private foundations increasingly have sought to incorporate socially responsible investing (“SRI”) mandates. Some SRI mandates take the form of negative screens—e.g., screening out...
View ArticleConsider Your Options for Charitable Giving - Trusts and Estates Update...
There are many charitable giving options that are available to fit a donor’s specific goals. You do not have to be Bill Gates or Warren Buffett to make a difference in the world now and after you are...
View ArticleIRS Relaxes Restrictions on Management Contracts for Bond-Financed Facilities
The IRS on August 22, 2016 released long-anticipated Revenue Procedure 2016-44 (Rev. Proc. 2016-44), which substantially increases flexibility in, and provides a less formulaic approach to, the ability...
View ArticleSection 501(c)(4) Organizations Subject to IRS Notice Requirement
Nonprofit entities that intend to operate as tax-exempt organizations described in section 501(c)(4) of the Internal Revenue Code (Code) are subject to new reporting requirements with the IRS....
View ArticleNorth Carolina Public Records Law 101 - A primer for economic development...
At the North Carolina Economic Development Association 2016 Annual Conference, I participated on a panel discussion and presentation regarding public records law requirements in North Carolina and how...
View ArticleIRS Loosens Restrictions on Safe Harbors for Management Contracts for...
The Internal Revenue Service, in Revenue Procedure 2016-44, has loosened the restrictions on safe harbors for management contracts entered into by governmental issuers of tax-exempt bonds in connection...
View ArticleIRS releases updated safe harbors for management contracts in tax-exempt...
On August 22, 2016, the Internal Revenue Service released Revenue Procedure 2016-44. The purpose of this revenue procedure is to provide revised and broader “safe harbors” under which certain private...
View ArticleNew IRS Guidance: Treatment of Disregarded Single Member LLC Employees in the...
The Internal Revenue Service (IRS) recently released General Counsel Memorandum 201634021 (“Memorandum”) concluding that the employees of a disregarded single member limited liability company (SMLLC)...
View ArticleLooming Registration and Reporting Deadlines for Nonprofit Raffles: September...
Many charities embrace raffles as a fun and lucrative way to raise money. A lot of them aren't aware that raffles constitute illegal gambling, unless the requirements of the Penal Code are met. If not,...
View ArticleSeptember 6, 2016 Deadline: New IRS Notice Requirement for 501(c)(4)...
Nonprofit entities that intend to operate as 501(c)(4) organizations, such as social welfare organizations, are subject to a new notice requirement with the Internal Revenue Service (IRS) as a result...
View ArticlePerspectives - August/September 2016
We’ve all heard about India’s rape crisis, but not everyone knows that it’s the result of the larger problem of gender inequality. According to UNICEF, India is the worst place to be born a girl. The...
View ArticleIRS Says Employees of Disregarded Single-Member LLC May Participate in...
Seyfarth Synopsis: A recently published IRS memorandum provides that employees of a single-member LLC treated as a disregarded entity must be allowed to participate in a section 403(b) plan sponsored...
View Article[Webinar] 28th Annual Employee Benefits Seminar - September 21st, 8:20am...
Program Highlights Please join the Locke Lord Employee Benefits and Executive Compensation Group for our 28th annual employee benefits seminar via webinar. Our attorneys will provide an overview of...
View ArticleIRS Releases Guidance on Management Contracts
Revenue Procedure 2016-44 replaces the long-standing safe harbors in Revenue Procedure 97-13 for analyzing private business use under management contracts with a more flexible safe harbor, but requires...
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