Topic: Tax Law

5 Ongoing Legal Issues for Nonprofit Boards

According to the National Center for Charitable Statistics, there are more than 1.5 million nonprofit and tax-exempt organizations operating in the United States, from charities to industry associations to religious institutions. But whatever their structure or purpose, such organizations need to understand – and respond to – key legal and regulatory issues that are unique… Read more »

FATCA: Why It’s Still Important, New Filing Requirements, & More

We continue to see interest in the legal implications for US taxpayers and foreign financial institutions alike of the Foreign Account Tax Compliance Act, known as FATCA. For your reference, here’s a roundup of recent advisories from lawyers and law firms on JD Supra. [See also the updated 5 Takeaways from New IRS FATCA Guidance] … Read more »

Nonprofit Law: A Roundup of Recent Legal Commentary

For your reference, a roundup of legal advisories regarding the new IRS Form 990, unpaid internships, employment matters, fundraising, lobbying, and other issues and concerns particular to nonprofit organizations:  Recent Developments for Exempt Organizations, Including 2011 Year in Review (Ropes & Gray LLP) “Looking ahead, the IRS Exempt Organizations division recently released its annual work… Read more »

5 Takeaways from New IRS FATCA Guidance

On February 8, 2012, the Internal Revenue Service issued its long-awaited proposed regulations for implementing the Foreign Account Tax Compliance Act (FATCA). The new rules lay out a step-by-step process for US account identification, information reporting, and withholding requirements for non-US financial institutions and other foreign entities. For your reference, five takeaways from the proposed… Read more »

IRS to Dual Citizens: It’s Time to Come Clean (re FATCA, FBAR and Other Foreign Tax Reporting)

Just in time for the 2011 tax season, here’s a roundup of recent legal updates that address tax reporting requirements – and penalties for non-compliance – for US dual citizens with foreign income and financial assets: IRS Issues Fact Sheet Providing Information on Federal Income Tax Return and Foreign Bank Filing Requirements – Potential Penalties… Read more »

FATCA Puts Foreign Banks on Notice…

“[The Foreign Account Tax Compliance Act] imposed a substantial withholding tax, due diligence, and reporting regime on non-U.S. entities to enlist their assistance in rooting out U.S. taxpayers who are using offshore entities and accounts to hide their assets and income. Unfortunately, the rules are lengthy, difficult to comprehend, expensive to implement, and will likely… Read more »

Employee Cell Phones: IRS Issues Tax Guidance

Employers and employees across the country breathed a collective sigh of relief last week when the Internal Revenue Service released Notice 2011-72, reversing its position on the tax treatment of employer-provided cell phones:  On September 14, 2011, the Internal Revenue Service (IRS) issued guidance indicating that employers can provide cell phones and similar telecommunications equipment… Read more »