Gorham Sharpless Clark's Guides

Examples of Unrelated Business Income and Excessive UBI

By Gorham S. (Rory) Clark. Esq. A. Examples of Activities Generating Unrelated Business Income 1.Advertising (i)No matter how related a publication is to the tax exempt purposes for which an organization was founded, the income generated from advertising in the publication will ...

DEALING WITH UNRELATED BUSINESS INCOME

By Gorham S. (Rory) Clark, Esq. A. UBTI Defined If an organization engages primarily in activities that accomplish a stated exempt purpose, the fact that it engages in commercial activities will not jeopardize its 501(c) status, so long as such activity is purely incidental and ...

Overview of the Virginia Historic Rehabilitation Credit Process

The following is an executive Summary of the Virginia State Rehabilitation Tax Credit Program and how it is effectively implemented by those who are not able to take advantage individually of all tax credits generated on a project under the program. Creation of Virginia Rehabilit...

NONPROFITS - THE DISTINCTION BETWEEN THE PRIVATE INUREMENT DOCTRINE AND THE PRIVATE BENEFIT DOCTRINE

A. Absolute Prohibition of Private Inurement To qualify for and maintain tax-exempt status under section 501(c)(3) of the Internal Revenue Code (I.R.C.), no part of the organizations net earnings may inure in whole or in part to the benefit of any persons who have a personal or ...

Public Charities and Private Foundations - Modern Trends in Enforcement and Best Practices

On November 4, 2004, the I.R.S.s Exempt Organizations division (EO) announced as its top priority for fiscal year 2005: we now must balance customer service with an enforcement program to stem the growing tide of abuses within the tax-exempt community. Building a stronger enforce...

Common Components of an Estate Plan

I am often approached by clients who are confused by the language that they hear commonly used about estate planning and the documents involved. For example, one recent client wasn't sure whether a "living will," a "living trust" and a "last will and testament" were the same o...

Important but Often Overlooked Considerations in Estate Planning

In addition to the numerous dispositive and tax considerations that individuals must consider there are also more subtle considerations that may not come automatically to mind and, of course, there are many legal and tax requirements apply to all these considerations. Legal gui...

Overtime and “exempt Employee” Rules for Virginia Employers February 23, 2011

In Virginia, as with many states, the federal Fair Labor Standards Act (FLSA) governs overtime wage laws. Whether overtime pay is required depends on (1) whether the employee is covered under FLSA, and if so, (2) whether the employees job is exempt or nonexempt. Most jobs are cov...

What You Need to Know about Recent Changes to the Federal Estate and Gift Tax

Your entire estate (both probate and non-probate assets) is subject to federal and state death taxes. If you fail to plan for estate taxes, your estate may be subject to unnecessary taxes. A federal tax, called the unified estate and gift tax, potentially imposes a tax...

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