By Kari Jolly, Tax Senior Associate | Not-for-Profit Team Are crowdsourced fundraising donations tax deductible? If you have a social media account, be it Twitter, Facebook, or any other of the myriad of platforms out there, you have no doubt seen a GoFundMe request come across your feed. GoFundMe is a for-profit firm offering a […]
By Kari Jolly, Tax Senior Associate Presidential Memorandum in Response to COVID-19 – Deferring Payroll Tax Obligations On August 28, 2020, the Internal Revenue Service released Notice 2020-65 to provide guidance for employers who decide to participate in the deferral of withholding and deposit of the 6.2 percent employee portion of Social Security Tax under […]
By Kari Jolly, Tax Senior Associate Update On August 28, 2020, the Internal Revenue Service released Notice 2020-65 to provide guidance for employers who decide to participate in deferral of withholding and deposit of the 6.2 percent employee portion of Social Security Tax under President Trump’s Memorandum dated August 8, 2020. Notice 2020-65 confirms that […]
By Kari Jolly, Tax Senior Associate | Not-for-Profit Team Proposed Changes for Exempt Organizations Reporting UBTI Proposed Rules and Request for Comments from the Department of Treasury and IRS signal changes afoot for reporting UBTI pursuant to Section 512(a)(6) of the 2017 Tax Cuts and Jobs Act. Background Prior to enactment of the Tax Cuts […]
By Kari Jolly, Senior Tax Associate | Not-for-Profit Team Notice 2020-23 from the Department of Treasury extends the timeline for Form 990 filers Since President Trump’s declaration of emergency under the Robert T. Stafford Disaster Relief and Emergency Assistance Act in response to the COVID-19 global pandemic, the Department of Treasury (the “Treasury Department”) has taken […]
By Kari Jolly, Senior Tax Associate | Not-for-Profit Team Guidance Released on How Tax Exempt Organizations Can Retrieve Refunds of the UBIT for Parking Fringes In response to the December 2019 Taxpayer Certainty and Disaster Tax Relief Act (the “Act”) which retroactively repealed IRC Section 512(a)(7) of the 2017 Tax Cuts and Jobs Act, the IRS released […]
By Kari Jolly, Senior Tax Associate | Not-for-Profit Team Tax Exempt Organizations Expecting Refunds Due to the Nonprofit Parking Tax Repeal On December 20, 2019, the Taxpayer Certainty and Disaster Tax Relief Act of 2019 (the “Act”), was signed into law, repealing a wildly unpopular provision of the 2017 Tax Cuts and Jobs Act (“TCJA”) […]
By Kari Jolly, Tax Associate | Not-for-Profit Team Leverage your not-for-profit website to provide easy access to required public information We all know that today’s information stream is driven by Internet search engines and online media. For many businesses, including Not-For-Profit (NFP) organizations, the first step to connecting with an end user is through a […]
By Kari Jolly, Tax Associate | Not-for-Profit Team According to an article published by Richmond BizSense, entrepreneurs Pat Hull and Jeff Palumbo recently launched a new startup incubator to focus exclusively on Richmond area Not-For-Profit (“NFP”) organizations. Through NPO Launchpad, Hull and Palumbo seek to help developing NFP leaders navigate their unique business needs by connecting them with […]
By Kari Jolly, Tax Associate | Not-for-Profit Team Parking Tax: Impact on Not-for-Profit Organizations 1/6/2020 Update: the Nonprofit Parking Tax has been repealed. Learn about the changes. One of the more controversial outcomes of the 2017 Tax Cuts and Jobs Act (the Act) was Congress’ transformation of what was once a deductible expense into an item of […]
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