Insights

APPRAISAL REQUIREMENTS FOR DONATIONS OF REAL PROPERTY AND OTHER ASSETS TO SECTION 501 ( C ) (3) ORGANIZATIONS

Introduction For Federal tax purposes, you must file  Form 8283 to report information about noncash charitable contributions for which you are claiming an income tax deduction .. You must file one or more Forms 8283 if the amount of your deduction for each noncash contribution is more than $500. You must also file Form 8283 […]

Read More

WHISTLEBLOWER RIGHTS AND NEW YORK NON PROFITS

Section 715-b of the New York Not-for-Profit Corporation Law (the “NPCL”) requires nonprofits with 20 or more employees and annual revenues in excess of one million dollars to adopt an explicit whistleblower policy to protect from retaliation persons who report suspected improper conduct. Nonprofits with fewer than 20 employees or with annual revenues lower than […]

Read More

CORPORATE TRANSPARENCY ACT – A WORK IN PROGRESS

March  2021 On January 1, 2021 Congress passed the Corporate Transparency Act. The purpose of this Memorandum is to alert you to the forthcoming requirements. The Act requires corporations, limited liability companies, partnerships and similar entities registered with any state (including foreign entities which have registered in the United States) to file with the Department […]

Read More

NON PROFITS- WHERE TO INCORPORATE- NEW YORK OR DELAWARE?

2020 Nonprofits operating in New York or planning to operate in New York frequently assume that they have no choice but to incorporate in New York State. However, New York is not the only option. Delaware is becoming an increasingly popular choice for nonprofits because of the potentially friendlier legal regime. Governing Law New York […]

Read More

RULE 144: SEC PROPOSES CHANGES FOR MARKET ADJUSTABLE SECURITIES

In late 2020 , the SEC proposed or adopted a number of regulatory initiatives which benefit the issuers and other participants in private placements. These include an expansion of the definition of “accredited Investor” under Regulation D, expanded eligibility and simplification of the rules regulating private placements and an exemption permitting the compensation of “finders” […]

Read More

INCREASED CASH CHARITABLE CONTRIBUTIONS/DEDUCTIONS FOR 2020 AND 2021 UNDER THE “CARES” ACT AND THE CCA

Until 2020, deductions for charitable contributions under the Internal Revenue Code utilized the following hierarchy. Individuals could deduct up to 60% of their adjusted gross income for contributions to public charities (e.g. American Red Cross, most synagogues, houses of worship, educational institutions and donor advised funds ) of which up to 30% could consist of […]

Read More

SEC UPDATES ACCREDITED INVESTOR DEFINITION

On August 26, 2020, the Securities and Exchange Commission significantly expanded the category of persons who can be considered an “Accredited Investor” under Regulation D. Some highlights: While the amendments do not change the $200,000.00/$300,000.00 annual income and $1,000,000.00 net asset thresholds for individuals (which have remained unchanged since Regulation D’s adoption), they update Regulation […]

Read More

UPDATED SEC GUIDANCE ON EQUITY LINE FINANCINGS

In early November, the SECs Division of Corporation Finance updated CDI 139.13 under Securities Act Section 5 and withdrew CDIs 139.15 through 139.20. The updated CDI relates to equity line financings. In many equity line financings, the company will rely on a private placement exemption to sell the securities under the equity line and will […]

Read More

A PRIVATE FOUNDATION PRIMER

This memorandum will attempt to outline certain reporting and compliance obligations relating to private foundations. You should also review a booklet which you may have received from the Internal Revenue Service entitled “Compliance Guide For 501(c)(3) Private Foundations” (Publication 4221PF) (available at www.irs.gov). IRS Reporting and Filing Requirements State Filings Treatment of Contributions Fiduciary Duty […]

Read More

Copyright © 2021. All Rights Reserved.
Website Designed By Radial Creations