Monday, July 19, 2010

Bill 65: Ontario’s nonprofit gamechanger

Bill 65: Ontario’s nonprofit gamechanger: "This fall, the Ontario charitable sector should know whether the province's Bill 65 — the Not-for-Profit Corporations Act, 2010 — will pass third reading in the legislature and become law.

Currently being evaluated by the province's Standing Committee on Social Policy, the act passed first reading in the Ontario legislature on May 12 and then again in second reading on June 2. The committee has been ordered to report back to the house on Sept. 13 where, according to Stephen Puddister, issues & media relations analyst with the ministry of consumer services, third reading and Royal Assent would follow, 'but timing has not yet been determined.' Proclamation of the new Act, if passed, is anticipated in 2012. [Note: Interested readers can follow the progress of Bill 65 at www.ontla.on.ca]."

Friday, July 16, 2010

Legislature approves harsher penalties for charities that break the law - Quincy, MA - The Patriot Ledger

Legislature approves harsher penalties for charities that break the law - Quincy, MA - The Patriot Ledger: "BOSTON —

Legislation giving the state attorney general more power to deal with scofflaw charities has cleared the Legislature and is awaiting the governor’s signature."

Final Regulations Regarding Excise Taxes on Prohibited Tax Shelter Transactions

Final Regulations Regarding Excise Taxes on Prohibited Tax Shelter Transactions: "RS and Treasury Issue Final Regulations Regarding Excise Taxes on Prohibited Tax Shelter Transactions and Related Disclosure Requirement

July 2010

The following discussion is provided for informational purposes only and is not intended to serve as legal or tax advice. For specific information about prohibited tax shelter transactions, consult your attorney or tax advisor.

Reprinted from Exempt Organizations Advisory

[On July 2, 2010], the IRS and Treasury issued final regulations under section 4965 and section 6011(g) relating to entity-level and manager-level excise taxes with respect to prohibited tax shelter transactions to which tax-exempt entities are parties. The final regulations replace proposed regulations that were issued in 2007. The IRS and Treasury also issued final regulations under sections 6011, 6033, and 6071 relating to certain disclosure and return filing obligations with respect to such transactions. The final regulations replace temporary regulations that were issued in 2007. In both cases, the final regulations adopt the earlier regulations with certain minor modifications."

Wednesday, July 14, 2010

IRS Issues Exempt Orgs Update | Planned Giving Design Center

IRS Issues Exempt Orgs Update | Planned Giving Design Center: "The IRS has issued its July edition of Exempt Organizations Update. Topics include: 1) IRS Issues Prohibited Tax Shelter Final Regulations; 2) IRS Live: Free Webinar on the Affordable Care Act; 3) Help Wanted: TE/GE Seeks Candidates for Senior Tax Law Specialist Positions; 4) IRS Invites Public Comment on New Reporting of Payments Made in a Trade or Business; and 5) Nine Tax Tips on the Ten Percent Tax on Tanning Services."

Tuesday, July 06, 2010

Municipalities press nonprofits for revenue - Sunday, Jul. 4, 2010

Municipalities press nonprofits for revenue - Sunday, Jul. 4, 2010: "More cities and towns are leaning on tax-exempt organizations -- from small arts groups to large hospitals -- to help balance cash-strapped municipal budgets.

Manchester Mayor Ted Gatsas said 'discussions have started' on the issue, and he plans to study whether all the organizations classified as nonprofit -- and thus generally free from paying local property taxes -- truly meet the definition."