LexisNexis® Legal Newsroom
A Funny Thing about Charities ... Some of Them Play Football

Are College Football Bowls Entitled to IRC 501(c)(3) Tax Exempt Status? There's only a few weeks left in college football's regular season, and after that, the various bowls will invite teams to participate in post-season play. Several of the bowls are famous and esteemed, their mere mention...

Charitable Contributions: Did Your Favorite Non-Profit Just Lose its Tax Exempt Status?

Non-profits are formed all the time to advance a purpose to better the world or support a cause. While the philanthropic goals are wonderful. the record-keeping behind them is often spotty or non-existent. The result of bad record keeping? The IRS has just revoked the tax exempt status of 275,000 charities...

Substantiating Charitable Deductions

Taxpayers who claim income tax deductions for charitable contributions must request and obtain the written acknowledgement from the charity that the contribution was made. It is due by April 17, 2012, the time the income tax return is filed. Failure to have the required substantiation from the charity...

Ballard Spahr LLP: IRS Announces that Gifts to Single-Member LLCs Owned by Charitable Organizations Are Deductible

By Jean C. Hemphill and Christopher A. Jones The IRS has published welcome, long-awaited guidance regarding the deductibility of contributions made to a single-member limited liability company (LLC) owned by a charitable organization. For a variety of reasons, tax-exempt charitable organizations...

McNees Wallace & Nurick LLC: Contribution to Construction Costs Supports Charitable Exemption

In June, the Commonwealth Court addressed another issue of interest to nonprofit entities seeking charitable exemptions from Pennsylvania Sales & Use Taxes and local real estate taxes - whether a substantial contribution to construction costs may help satisfy the requirement that a charitable institution...