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Jack Owen’s Tax-Exempt Alert AUGUST 2020

Surprising Pennsylvania Response to Pandemic and Economic Downturn On July 23, 2020, Governor Wolf signed into law H. B. 2484, Act 71 of 2020, which permits increased payouts from endowment funds to charities and expands the standing of donors.   This legislation was passed in response to pressure from charities to spend more from their endowments Read More

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Should Our Nonprofit Dissolve, Merge or Restructure in these Difficult Times?

The COVID- 19 Pandemic and its economic fallout have affected some Pennsylvania nonprofits to the extent that they may wonder about survival. There are a number of corporate restructure possibilities to consider before an organization reaches a point of no return. Here is a quick overview of some options. A joint venture, in which two Read More

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Jack Owen’s Tax-Exempt Alert JUNE 2020

Much has happened in the world since March 1, 2020.  Since that time, we have seen a pandemic, significant stock market and employment losses, a recovery in the stock market and in employment, and protests.  Much legislation and regulations have been passed in response, and I reported on the following items at a meeting of Read More

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Jack Owen’s Tax-Exempt Alert APRIL 2020

Given the current COVID-19 pandemic, recent legislation has been passed to assist individuals and employers with the impact.  One piece of legislation, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), has the following provisions which may be of benefit to tax-exempt organizations: As noted in our March Tax-Exempt Alert, the CARES Act is Read More

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Jack Owen’s Tax-Exempt Alert MARCH 2020

National News The U.S. House of Representatives passed the $2 Trillion Coronavirus Aid, Relief, and Economic Security (CARES Act) on Friday March 27, 2020. The Senate previously voted unanimously to pass the bill, and President Trump also signed the bill on March 27, 2020.  The legislation will provide assistance to workers and businesses that have Read More

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Jack Owen’s Tax-Exempt Alert FEBRUARY 2020

Jack Owen’s Tax-Exempt Alert FEBRUARY 2020 By Michael Dutkovich, Esq. Congress recently passed legislation repealing part of the Tax Cut and Jobs Act which required tax-exempt organizations, including churches and schools, to pay an unrelated business income tax (“UBIT”) on parking benefits provided to employees of these tax-exempt organizations. This repeal is of significant benefit Read More

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Jack Owen’s Tax-Exempt Alert JANUARY 2020

New changes come with a new year.  Here are a few of the changes in the law relevant to nonprofit organizations. Transportation Fringe Benefits With President Trump’s signing of the federal government spending bill on December 20, 2020, the legislation repealed the Internal Revenue Code provision requiring transportation fringe benefits such as parking and transit Read More

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Jack Owen’s Tax-Exempt Alert NOVEMBER 2019

2020 Changes in Annual Qualified Retirement Plan Benefit Limits The IRS recently announced the new annual qualified retirement plan benefit limits for 2020.  Set forth in the table below is a summary of the most relevant new limits for 2018 – 2020. These lists are mainly of interest to those of you familiar with retirement Read More

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Jack Owen’s Tax-Exempt Alert SEPTEMBER 2019

At a recent meeting of the Pittsburgh Planned Giving Council, I reported on the following newsworthy items: 1.    The bipartisan Legacy IRA Rollover Bill (H.R. 1337) was discussed. This proposed legislation will encourage charitable giving, and expand the existing IRA charitable rollover provisions, by enabling senior citizens to make tax free transfers from IRA’s to charities Read More

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Jack Owen’s Tax-Exempt Alert JULY 2019

At the PPGC meeting on Tuesday July 9, 2019, I reported on several somewhat surprising updates occurring through June 30, 2019.  The five items I reported on are as follows: The Taxpayer First Act (“TFA”) was signed by President Trump on July 1, 2019.  This legislation purports to reform the IRS and was a bipartisan Read More

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