Examples of Unrelated Business Income and Excessive UBI
Jun 04, 2011
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 orga...
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DEALING WITH UNRELATED BUSINESS INCOME
Jun 04, 2011
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...
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Overview of the Virginia Historic Rehabilitation Credit Process
Mar 08, 2011
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 c...
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NONPROFITS - THE DISTINCTION BETWEEN THE PRIVATE INUREMENT DOCTRINE AND THE PRIVATE BENEFIT DOCTRINE
Feb 24, 2011
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 m...
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Public Charities and Private Foundations - Modern Trends in Enforcement and Best Practices
Feb 24, 2011
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 grow...
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Common Components of an Estate Plan
Feb 24, 2011
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 ...
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Important but Often Overlooked Considerations in Estate Planning
Feb 24, 2011
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 a...
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Overtime and “exempt Employee” Rules for Virginia Employers February 23, 2011
Feb 24, 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...
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What You Need to Know about Recent Changes to the Federal Estate and Gift Tax
Jan 18, 2011
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...
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