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Insights Tax Exempt Organization

Application of CARES Act to Tax-Exempt Organizations

April 14, 2020 Tax Exempt Organization

The CARES Act provides enhanced financial support for businesses and other eligible entities suffering from the continuing COVID-19 pandemic. While much of the CARES Act provides relief to for-profit businesses (see our previous post), there are specific provisions for nonprofits and tax-exempt organizations (collectively “TEOs”) which help support the operations…

IRS Continues Push to Prohibit Tax-Exempt Bond Financing for Developer-Controlled CDDs and Similar Political Subdivisions

May 20, 2016 Tax Exempt Organization

Real estate developers routinely use tax-exempt bond financing for infrastructure improvements for new communities. That may change soon. IRS perceives abuse in the process and has proposed regulations making such bonds taxable if the developer controls the issuing governmental body. Using enabling statutes under state law, a developer can initiate…

IRS Confirms Advantages to Domesticating Instead of Merging when Relocating a Foundation

November 25, 2014 Tax Exempt Organization

When families with foundations relocate to Florida, they oftentimes want to relocate their foundations too. There are several different structures for accomplishing the relocation (i.e., change in state of domicile) of a foundation or other non-profit corporation. For a variety of reasons, the best structure is oftentimes a domestication, which is…

Florida Charities Subject to New Conflict of Interest and Financial Reporting Obligations

July 16, 2014 Tax Exempt Organization

Amendments made during the 2014 Legislative Session to the Florida Solicitation of Contributions Act (the “Act”), and which became effective July 1, 2014, increase the oversight and regulation of charitable organization, sponsors, professional fundraising consultants, and professional solicitors. The Act generally regulates certain persons and organizations conducting solicitation activities. Among…