Tag Archives: Internal Revenue Code

9 Mar 2021 |

Client Alert: Exempt Organizations Engaged in Illegal Activities – Will They Be Held Accountable?

In the aftermath of the January 6, 2021 insurrection, the focus has shifted to the entities that may have financed the insurrection. Thousands of individuals travelled to Washington, D.C. for the rally and insurrection, and news reports have alleged that charitable organizations may have assisted in funding the participants’ expenses. On January 13, 2021, members of the Ways and Means ... Read More

TAGGED: irs, tax exempt organizations, Tax Law, Internal Revenue Code, January 6 Insurrection, Military Family Relief Act, Bob Jones University v. United States, Nationalist Movement v. Commissioner

2 Apr 2020 |

Client Alert: The Families First Act, the CARES Act, and IRS Guidance for Employers

The Families First Coronavirus Response Act (FAMILIES FIRST ACT), Public Law No. 116-127 (March 18, 2020), and the Coronavirus Aid, Relief, and Economic Security Act (CARES ACT), Public Law No. 116-136 (March 27, 2020) provide relief to employees and employers (including nonprofits) during this pandemic. The relief provided by the FAMILIES FIRST ACT is in the form of additional paid ... Read More

TAGGED: Tax Law, Internal Revenue Code, COVID-19, emergency leave, Families First Act, CARES Act, Employee Retention Credit

28 Jan 2019 |

Excise Tax on Nonprofits: Executive Compensation

Many tax-exempt organizations will now be required to pay an excise tax on any compensation over $1 million paid to each of their top five employees. That amount of compensation, including end-of-career parachute payments, may be subject to the corporate tax rate, which is currently 21 percent. Internal Revenue Code section 4960, enacted as part of the Tax Cuts and Jobs ... Read More

TAGGED: Tax Cuts and Jobs Act, Internal Revenue Code, Internal Revenue Code section 4960, Notice 2019-09, §4960