The Universe of Tax-Exempt Entities
The Universe of Tax-Exempt Entities – How to Choose between Classifications and to How Know When and How to Structure Affiliations for Compliance. Pennsylvania Bar Institute By Morgen Cheshire, Esq. and Jack R. Owen, III, Esq.
Read MoreJack Owen’s Tax-Exempt Alert NOVEMBER 2021
2022 Changes in Annual Qualified Retirement Plan Benefit Limits The IRS recently announced the new annual qualified retirement plan benefit limits for 2022. Set forth in the table below is a summary of the most relevant new limits for 2020 – 2022. These lists are mainly of interest to those of you familiar with retirement Read More
Read MoreJack Owen’s Tax-Exempt Alert JULY 2021
An important U.S. Supreme Court case was decided on July 1, 2021, Americans for Prosperity Foundation v. Bonta, involving California’s requirement that organizations making charitable solicitations file Schedule B to IRS Form 990, providing unredacted information on substantial contributors. The Court reversed an appeals court ruling in favor of California and finding that California’s requirement Read More
Read MoreJack Owen’s Tax-Exempt Alert MARCH 2021
Allentown, PA Could Not Impose Business Privilege Tax on Charity There are not too many PA taxing bodies that impose business privilege taxes (the “BPT”). In a recent case of the PA Commonwealth Court, the Court ruled that the City of Allentown could not collect more than $780,000 in BPTs from a “purely public charity”. Read More
Read MoreJack Owen’s Tax-Exempt Alert JANUARY 2021
Last year, Congress passed the CARES Act in response to the Covid-19 pandemic. Under the CARES Act, donors who are otherwise not able to itemize deductions in 2020 may be able to take a charitable deduction of up to $300 for cash contributions made in 2020. The Consolidated Appropriations Act (“CAA”) signed into law on Read More
Read MoreJack Owen’s Tax-Exempt Alert NOVEMBER 2020
It is not uncommon for charitable organizations to have suffered financial difficulties this year due to the Covid-19 pandemic. Many charitable organizations at this time of year will look to the generosity of donors to help provide the additional vital resources needed so they can continue to unselfishly serve others. During this holiday season, charitable Read More
Read MoreJack Owen’s Tax-Exempt Alert OCTOBER 2020
2021 Changes in Annual Qualified Retirement Plan Benefit Limits The IRS recently announced the new annual qualified retirement plan benefit limits for 2021. Set forth in the table below is a summary of the most relevant new limits for 2019 – 2021. These lists are mainly of interest to those of you familiar with retirement Read More
Read MoreJack 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
Read MoreShould 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
Read MoreJack 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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