tag:blogger.com,1999:blog-64197328195222251492012-01-28T07:28:54.973-06:00An up to date description of the current activities in the law of tax exempt entities, as seen from the eyes of an LLM in Taxation student, with some real life student life experiences and anecdotes tossed in as well!Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.comBlogger611100tag:blogger.com,1999:blog-6419732819522225149.post-40287588223554771142008-03-01T11:36:00.001-06:002008-12-08T20:33:18.340-06:00

The Tax Court held that a taxpayer could not deduct the $33,000 cost of obtaining a Harvard M.B.A. as an educational expense under Reg. § 1.162-5. Foster v. Commissioner, T.C. Summ. Op. 2008-22 (2/28/08). The court concluded that her Harvard M.B.A. both (1) met the minimum education requirements of her position as Vice- President of Marketing at Reshreshment Brands (at an $117,500 annual salary

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.com0tag:blogger.com,1999:blog-6419732819522225149.post-41621366399756689892008-03-01T11:31:00.002-06:002008-12-08T20:33:18.489-06:00

When the economy starts to hit the skids, as is currently happening, people tightent their belt, and superfluous spending such as charitable donations is heavily reduced. As a result, charities engage in more business activity to hold them over until donations flow again. That speculation seems to have been concerned by a recent article in the 2008 Winter Statistics of Income Bulletin. The

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.com0tag:blogger.com,1999:blog-6419732819522225149.post-20954809391004060402008-03-01T11:27:00.002-06:002008-12-08T20:33:18.683-06:00

On February 25, 2008, the IRS issued guidance on the Form 990-N, the "e-Postcard," filing requirement of small tax-exempt organizations (i.e., those with gross receipts annually of $25,000 or less). The Pension Protection Act of 2006 requires such organizations to file the e-Postcard starting in 2008 for tax years beginning with 2007. Small tax-exempt organizations are now required to make

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.com0tag:blogger.com,1999:blog-6419732819522225149.post-47644639974471038532008-03-01T11:16:00.003-06:002008-03-01T11:23:13.774-06:00

After an excruciatingly long wait, the tax exempt entity law student blog is back and is moving forward. The hope for this blog in moving forward is that it will grow and encourage an open dialogue with the reader (hopefully readers … but lets not get ahead of ourselves here!) about the practice of law in the field of tax exempt entities, and how to move that practice into an area where there

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.com0tag:blogger.com,1999:blog-6419732819522225149.post-30940894411617312982007-10-10T10:43:00.000-05:002008-12-08T20:33:18.875-06:00

Today, I would like to take a minute to express my warmest wishes and sincerest thank you to my wife, Tiffany. Today marks our first anniversary. I think that if you expand that out, it rally means first of many. Tiffany is the love of my life, the drive that keeps me going forward, and the fire in my belly that keeps me warm at night. I could never thank her for all of the things that she

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.com0tag:blogger.com,1999:blog-6419732819522225149.post-10412248931991206022007-10-10T10:41:00.000-05:002008-12-08T20:33:19.025-06:00

Generally, Publication 4630 provides for general guidance for non-profits, and provides you with a “how to” and “where to” for the information that you may be in search of.IRS Publication 1771 , Charitable Contributions-Substantiation and Disclosure Requirements, explains the federal tax law for organizations such as charities and churches that receive tax-deductible charitable contributions and

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.com0tag:blogger.com,1999:blog-6419732819522225149.post-63893676360579268062007-10-10T10:37:00.000-05:002008-12-08T20:33:19.187-06:00

The Chicago Tribune has an interesting article today about taxes levied by the city of Chicago against its residents and non-residents alike. The focus of the story are what the tribune considers those many “nagging little” taxes that seemingly go unnoticed, but are there. The article focuses on what it considers the most egregious, the proposed tax on bottled water. Why not tax bottled water?

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.com0tag:blogger.com,1999:blog-6419732819522225149.post-52766161938370710432007-10-10T10:35:00.001-05:002008-12-08T20:33:19.315-06:00

Our friend over at the Non-Profit Law Podcast, Tim Mooney, has released another in his fine series of non-profit law podcasts. I suggest that you get over there and check it out, it can be found here

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.com0tag:blogger.com,1999:blog-6419732819522225149.post-458702015476576462007-10-02T14:39:00.001-05:002008-12-08T20:33:19.480-06:00

Long time staffer and president of the Nature Conservancy, Steven J. McCormick, who has served as president of the Nature Conservancy since 2001, abruptly stepped down from his post today after a controversial tenure in which the organization came under fire for land transactions and its relationships with for-profit businesses.Mr. McCormick said in a written statement that he believes it is time

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.com0tag:blogger.com,1999:blog-6419732819522225149.post-42895602154957290942007-10-02T14:35:00.000-05:002008-12-08T20:33:19.635-06:00

YouTube has launched the “YouTube Nonprofit Program YouTube Nonprofit Program. After filling out a basic application, your nonprofit organization may be a featured on the forthcoming YouTube nonprofit channel. This seems like a great way to get a message out across one of the most popular mediums currently. YouTube Nonprofit Program

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.com0tag:blogger.com,1999:blog-6419732819522225149.post-34680211452424739722007-10-02T14:33:00.000-05:002008-12-08T20:33:19.823-06:00

Fair Trade Coffee … all the buzz, ½ the guiltThe New York Times has an interesting article on fair trade coffee today, and about how the industry is outpacing those regular coffee suppliers of the world. Take that Juan Valdez!Read the full article hereTribune Gets Tax WindfallA court yesterday granted the Chicago Tribune a substantial refund after the restructuring of their former subsidiary,

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.com0tag:blogger.com,1999:blog-6419732819522225149.post-77989978052373980382007-10-01T11:44:00.000-05:002008-12-08T20:33:20.037-06:00

A Congressional caucus that was formed to discuss issues that affect the charitable world now has 25 members and will start meeting this fall. The issues that the new caucus will discuss are a tax bill that Congress is expected to adopt this fall and the proposed extension of legislation allowing some people to donate money from their individual retirement accounts to charity tax-free.The caucus

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.com0tag:blogger.com,1999:blog-6419732819522225149.post-17564339377408547432007-10-01T11:43:00.001-05:002008-12-08T20:33:20.257-06:00

Seeing as today is the first Monday of October, I thought that I would list out the Supreme Court cases with a tax relevance to be heard during this term.Kentucky Department of Revenue v. Davis, No. 06-666Date of Oral Argument: Nov. 7, 2007Issue: Whether a state violates the dormant Commerce Clause by providing an exemption from its income tax for interest income derived from bonds issued by

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.com0tag:blogger.com,1999:blog-6419732819522225149.post-30220734803362370592007-10-01T11:42:00.000-05:002008-12-08T20:33:20.399-06:00

The IRS will eliminate from the summary page of a redesigned Form 990 information return for tax-exempt organizations questions on compensation percentages, fundraising percentages, and comparisons of an organization's net assets to total expenses, an IRS official said on September 28. The IRS, which last summer released a draft form of a redesigned Form 990 information return for tax-exempt

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.com0tag:blogger.com,1999:blog-6419732819522225149.post-27597261560628212792007-10-01T11:39:00.000-05:002008-12-08T20:33:20.534-06:00

“You don't understand. I coulda had class. I coulda been a contender. I coulda been somebody, instead of a bum, which is what I am, let's face it.” Much like when it was first uttered in On the Waterfront, the audience response to Newt Gingrich’s similar statement is, “yeah … right.” But, that’s what’s happening with Newt Right now, he’s pulling out of his bid for the Republican nod for the

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.com0tag:blogger.com,1999:blog-6419732819522225149.post-30659031566872534462007-10-01T11:38:00.000-05:002007-10-01T11:39:46.038-05:00

Intuit/Quickbooks has put out a new “non-profit” version – QuickBooks: Premier Nonprofit Edition 2007. This version combines the convenience of QuickBooks with basic nonprofit functionality to provide smaller nonprofit organizations with an easy way to track expenses, record donations and monitor pledges, as well as provide users with a solid financial product that can be up and running in

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.com0tag:blogger.com,1999:blog-6419732819522225149.post-43643180997686332422007-09-27T15:18:00.001-05:002008-12-08T20:33:20.665-06:00

The Yale Endowment, which is the largest academic endowment in the U.S. just keeps getting bigger and bigger. The Endowment grew an impressive 28% this past year, and has topped the $22B (yeah, that’s “B” as in Billion) mark. The New York Times profiled the endowment and its growth in todays business section. Read the article here

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.com0tag:blogger.com,1999:blog-6419732819522225149.post-79443456968364100012007-09-26T20:49:00.000-05:002008-12-08T20:33:21.470-06:00

An Ohio nonprofit is taking its first-ever federal funding to jump-start a recycling awareness program in four area schools. Communities in Schools, the Columbus arm of the national dropout-prevention organization, has received $18,943 from the U.S. Environmental Protection Agency for its Recycling Awareness program that will take place in four elementary and middle schools in Whitehall City

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.com0tag:blogger.com,1999:blog-6419732819522225149.post-35803592381943299932007-09-26T11:19:00.000-05:002008-12-08T20:33:21.677-06:00

Yes, in the interest of social good, and social awareness, the fast food chain Carl’s Junior (and its affiliated Hardees) have agreed to immediately begin purchasing 15 percent of its pork from suppliers that do not use metal "gestation crates" to confine sows, and increase that to 25 percent by 2009; purchase 2 percent of its eggs from suppliers whose hens are not kept in wire cages by July 2008

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.com0tag:blogger.com,1999:blog-6419732819522225149.post-67605698772251494122007-09-26T11:18:00.000-05:002008-12-08T20:33:21.868-06:00

So, the John D. and Catherine T. MacArthur Foundation has named the 24 recipients of its 2007 MacArthur Fellowships, and sadly, once again, I was not named. The MacArthur foundation gives the fellowships, commonly referred to as the “genius awards” which recognize individuals from wide-ranging disciplines who show creativity, originality, and a commitment to continued innovative work. 16 of the

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.com0tag:blogger.com,1999:blog-6419732819522225149.post-68211602218909294462007-09-26T11:17:00.000-05:002008-12-08T20:33:22.071-06:00

In a related story to the previous post of “How Much Should Charities Give to the Needy,” the House Ways and Means Oversight Subcommittee held hearings yesterday on whether charitable organizations are adequately meeting the needs and requirements of diverse communities. Princeton Researcher Julian Wolpert indicated that his research has shown that charity and volunteer work mostly stays within

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.com0tag:blogger.com,1999:blog-6419732819522225149.post-40041281567508633082007-09-26T11:13:00.000-05:002008-12-08T20:33:22.192-06:00

An article by Peter Panepento in the Chronicle of Philanthropy notes how large nonprofit groups are not giving an adequate amount of funding to areas with large concentrations of poor and minority residents. This was addressed at a hearing at the House Ways and Means Subcommittee on Oversight, which has some jurisdiction over tax policy. Congress has apparently taken up the mantel of trying to

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.com0tag:blogger.com,1999:blog-6419732819522225149.post-49648671284885381572007-09-26T11:12:00.000-05:002008-12-08T20:33:22.291-06:00

As many of you probably know, President Bill Clinton has released a book entitled “Giving.” The book (unfortunately I’m only half way through it) deals with the impact that the simple act of giving can create, and how much good people in all walks of life can do. The book however, has not been entirely well received. In fact, there are a number of outlets that have actually kind of panned the

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.com0tag:blogger.com,1999:blog-6419732819522225149.post-87945918354613943132007-09-26T11:10:00.000-05:002008-12-08T20:33:23.219-06:00

Boulware v. United States (No. 06-1509): What effect must a federal court give a final, non-collusive state court judgment adjudicating ownership of property in determining a taxpayer’s federal income tax liability arising from that property?Whether a taxpayer who seeks to invoke the return of capital rule in a criminal tax case must show a contemporaneous intent to treat the corporate

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.com0tag:blogger.com,1999:blog-6419732819522225149.post-39839518505110033382007-09-23T16:32:00.000-05:002008-12-08T20:33:23.345-06:00

So, for all of you out there who are interested, and I hope many of you are, there is a great podcast being put out by Tim Mooney. nonprofit law podcast is a wealth of information, and provides grea tips, insights, and information regarding the law of nonprofit entities. If you get a chance, check it out here

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.com1tag:blogger.com,1999:blog-6419732819522225149.post-18802518830668786542007-09-23T16:29:00.001-05:002008-12-08T20:33:23.492-06:00

American Solutions Returned a $50,000 contribution from a 501(c)(3) in August, which upon further review saved that organizations’ exemption. American Solutions is Newt Gingrich's 527, and in what can only be described as an amazing twist of fate, American Solutions return of the money saved the 501(c)(3) from violating the prohibition against lobbying activities.A 501(c)(3) public charity is

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.com0tag:blogger.com,1999:blog-6419732819522225149.post-82420414804390020252007-09-22T16:26:00.000-05:002008-12-08T20:33:23.610-06:00

Congratulations to Patrick S., this week’s winner for the Superhero of the week contest. Patrick Compared himself to Spider-Man, and did a very thorough job in said comparison. This week’s submission for superhero of the week pretty much sets the bar for the A+ answer. I encourage all of you to read it in its entirety as it is a great answer. We had tons of great submissions this week. If

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.com0tag:blogger.com,1999:blog-6419732819522225149.post-34225149617321517482007-09-21T11:37:00.001-05:002008-12-08T20:33:23.744-06:00

The American Red Cross, one of the largest public charities in the United States, has fired another shot in their trademark infringement case against Johnson & Johnson. Johnson & Johnson is suing the Red Cross claiming that the Red Cross has infringed on J&J’s trademark. The Red Cross disputes these claims, and on Thursday, the Red Cross asked that the claims be thrown out.The Chronicle of

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.com0tag:blogger.com,1999:blog-6419732819522225149.post-37718213401956833652007-09-21T11:36:00.001-05:002008-12-08T20:33:23.921-06:00

The IRS has posted an update as to the frequently asked questions that surround the redesign and the changes surrounding the new Form 990-N. Form 990-N is an information return that small tax-exempt organizations must file with the Service.Following the enactment of the Pension Protection Act of 2006, exempt organizations whose gross receipts are usually $25,000 or less are required to file with

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.com0tag:blogger.com,1999:blog-6419732819522225149.post-40950737459496405642007-09-21T11:35:00.001-05:002008-12-08T20:33:24.094-06:00

Tax Analysts reports today of the IRS’ changes in filing instructions for organizations receiving motor vehicle, boat, or airplane deductions which are sued by the donee organization to report contribution of qualified vehicles with a claimed value exceeding $500 for calendar years ending after December 30, 2008. The IRS Bulletin provides guidance on the reporting requirements under § 170(f)(12)

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.com0tag:blogger.com,1999:blog-6419732819522225149.post-59361640822337825102007-09-21T11:34:00.000-05:002008-12-08T20:33:24.248-06:00

In response to the request by the IRS for comments on the resdesigned Form 990, The National Assocaiton of College and University Business Offices (“NACUBO”) submitted comments indicating that the redesigned Form 990 information return filed by tax-exempt organizations would place additional reporting burdens on colleges and universities. Additionally, Professor Evelyn Brody of the Chicago-Kent

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.com0tag:blogger.com,1999:blog-6419732819522225149.post-35028535769483827622007-09-17T10:36:00.000-05:002008-12-08T20:33:24.415-06:00

Google gives to X Prize Foundation. Google, should be in contention for the most socially conscious company of the year award. They have done great things in their creation of Google.org, and the donation of their own funds to Googl.org in order to pursue social entrepreneurship; however, Google has also recently pledged $30M to the X-Prize Foundation. The grant is for a new effort to

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.com0tag:blogger.com,1999:blog-6419732819522225149.post-44699969593551345822007-09-17T10:23:00.000-05:002008-12-08T20:33:24.630-06:00

Google founders Larry Page and Sergey Brin have established a foundation which intends to devote employee time and one percent of Google’s profits and equity towards philanthropy with the hope that one day Google.org will have a greater impact globally than Google itself. Google.org is the philanthropic arm of Google and is the umbrella which includes the work of the Google Foundation, some of

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.com0tag:blogger.com,1999:blog-6419732819522225149.post-64007903817414692512007-09-16T21:17:00.000-05:002008-12-08T20:33:24.979-06:00

Well, you can’t spend all day everyday enjoying the ever-changing world of tax. So to fully experience the Midwest, my wife and I traveled to Ann Arbor Michigan this weekend to watch two of the most storied college football programs in history, the University of Michigan Wolverines and the Notre Dame Fighting Irish do battle in the historic confines of the Big House. While neither program

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.com0tag:blogger.com,1999:blog-6419732819522225149.post-75209224575210723892007-09-14T11:15:00.000-05:002008-12-08T20:33:25.103-06:00

An article in the New York Times business section addresses the subject blogged here on September 12th, 2007. In particular, the inability of large university endowments to be able to keep top level talent for the adminstration of the foundation. The problem, as addressed by the article, “A dropout problem for Colleges,” by Jenny Anderson, is that “Being the chief investment officer of an

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.com0tag:blogger.com,1999:blog-6419732819522225149.post-81000380620950149312007-09-12T16:33:00.000-05:002008-12-08T20:33:25.225-06:00

So, you may or may not have seen in my profile that there is a contest for the best weekly superhero answer. The superhero answer is the answer to the interview question "if you had to equate yourself to a superhero, who would you equate yourself to, and why." Creativity counts in this one.The best submissions of the week will be posted every Wednesday.This weeks winner comes from an attorney

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.com0tag:blogger.com,1999:blog-6419732819522225149.post-59593885677075267162007-09-12T16:29:00.000-05:002008-12-08T20:33:25.235-06:00

I placed this in my profile initially, but I think that I should post it for you all as well. The Tax Exempt Law Student Blog is holding a weekly competition for the best answers to the interview question "if you had to equate yourself to a superhero, who would you equate yourself to, and why." Email me your submissions, and I’ll pick the winner every Wednesday and post the answer on the blog.

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.com0tag:blogger.com,1999:blog-6419732819522225149.post-63215968614956723602007-09-12T13:47:00.000-05:002008-12-08T20:33:25.311-06:00

In the news today, the manager of the Harvard Management Co. will leave after only two years with the endowment. Read the full article Here

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.com0tag:blogger.com,1999:blog-6419732819522225149.post-40489588346401870702007-09-12T13:40:00.001-05:002008-12-08T20:33:25.493-06:00

An article by Suzanne Perry notes that house bill 2669 has been proposed to provide student loan forgiveness for persons who work in a “public service” job. The proposed bill would allow a person to erase their loan balances after ten years of consistent payments if they have worked during that time in “public service.” The bill is a victory for non-profit groups and associations that were

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.com0tag:blogger.com,1999:blog-6419732819522225149.post-82230039979952711282007-09-12T13:25:00.001-05:002007-09-12T13:25:46.334-05:00

Patty Murray, D-Wash., has introduced S. 1952, the Community Forestry Conservation Act of 2007, which would provide a federal tax exemption for forest conservation bonds, treating any qualified bond as an exempt facility bond under section 142.Senate Bill 1952 may be read in its entirety here.

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.com0tag:blogger.com,1999:blog-6419732819522225149.post-12557133875662932082007-09-11T18:40:00.000-05:002008-12-08T20:33:25.651-06:00

This may be a little late, but I was looking into the legal news of the sate of Nevada, and this one ignited a little smile for me.Many of you who read this may not know of the seedy details of the Nevada Justice System, but I promise you that it is typically filled with stories that would be front page material at the Weekly World News. Well, one of the more recent pieces of news, was that in

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.com0tag:blogger.com,1999:blog-6419732819522225149.post-89181487189653138582007-09-11T12:28:00.000-05:002008-12-08T20:33:26.220-06:00

Harrah's Entertainment Inc. has indicated its intentions to donate $30 million to the University of Nevada Las Vegas. The donation will be made through the casino group’s foundation, which will be the largest corporate gift in the University’s history.UNLV will put the money to good use by paying for half of the cost of an academic building that will anchor the proposed INNovation Village

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.com0tag:blogger.com,1999:blog-6419732819522225149.post-42426545443827993442007-09-10T20:04:00.000-05:002008-12-08T20:33:26.717-06:00

I mean, it can’t all be the fun and exciting world of tax code, and tax studies … right? I mean even when buried in work and tax code, you have to be able to get outside, enjoy the fresh air and live the way you want to live. You only get so many days on this little blue marble, and even though many of them are going to be hard and long, you have to make as many of them count as you can. So,

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.com0tag:blogger.com,1999:blog-6419732819522225149.post-28142292250936942032007-09-10T18:58:00.000-05:002008-12-08T20:33:26.820-06:00

On the lighter side of charity, Cate Doty had an article published today in the New York Times on who among us may be considered the most charitable, and that surprisingly, even with all of the pouring of money and effort into “fashionable” charities that we see celebrities engaging in, they may not rate as the most charitable. The article notes that the donation or the effort is good at drawing

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.com0tag:blogger.com,1999:blog-6419732819522225149.post-18910618480734207832007-09-10T18:32:00.000-05:002008-12-08T20:33:26.974-06:00

The Service today also announced two letter rulings that held that the transfer of assets from one private foundation to another won't result in a section 507(c) termination tax, won't be subject to tax under section 4940, won't constitute section 4941 self-dealing, won't be subject to the section 4944 tax on jeopardizing investments, and won't be a section 4945 taxable expenditure. Read the

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.com0tag:blogger.com,1999:blog-6419732819522225149.post-74788055292228631722007-09-10T18:30:00.000-05:002008-12-08T20:33:27.057-06:00

Today the IRS released private letter ruling LTR 200736022, which in pertinent part holds that the income of a trust that was created to promote economic development is excludable from gross income under section 115(1) and that the trust will be considered an instrumentality of the city under section 170(c)(1) if certain changes are made to its by-laws. Specifically, the article states that the

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.com0tag:blogger.com,1999:blog-6419732819522225149.post-58556951975691901662007-09-07T11:00:00.000-05:002008-12-08T20:33:27.210-06:00

An article from the Chronicle of Philanthropy indicates that the current fluctutations in the market, and the perceived impending downturn of the stock market could substantially effect the fund-raising abilities for tax exempt entities, the heart and soul of charitable entities.“A big market downturn would certainly pose problems for both capital campaigns and big grant requests,” says Melissa A

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.com0tag:blogger.com,1999:blog-6419732819522225149.post-70551742893234014662007-09-07T10:49:00.000-05:002008-12-08T20:33:27.393-06:00

New bills in Congress would expand federal subsidies to higher education in a way that would likely help students little financially but would straighten out the current maze of federal subsidies, according to a new legislative analysis by the Tax Foundation.The new legislation is designedto simplify the college tax credits; however, disagreement arises as to how much simpler the change makes the

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.com0tag:blogger.com,1999:blog-6419732819522225149.post-83455358289275365742007-09-06T11:38:00.000-05:002008-12-08T20:33:27.502-06:00

A fantastic article in the New York Times Business Section discusses the tax implications on large charitable gifts, which have become the fashion lately.A number of people are complaining that the charitable work being done by America’s wealthy by and through their charitable donations is not as effective as that money would be if it were taxed and collected by the U.S. Government.Typically, for

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.com0tag:blogger.com,1999:blog-6419732819522225149.post-74409199460682116452007-09-05T17:35:00.000-05:002008-12-08T20:33:27.888-06:00

In local news: Ann Lurie, president of Lurie Investments, in Chicago, and a former pediatric nurse, has pledged $100-million to Children’s Memorial Hospital. Her gift will help build a new facility in Chicago’s Streeterville neighborhood and will support pediatric-health research.The new hospital, which will be named for Ms. Lurie and her late husband, Robert, will likely cost $850-million in all

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.com0tag:blogger.com,1999:blog-6419732819522225149.post-19348469334467909932007-09-05T17:31:00.001-05:002007-09-05T17:31:33.854-05:00

An interesting article was published this week regarding the scrutiny of non-profits. The gist of the Article is that Congressional committees, state attorneys general and now the Internal Revenue Service (IRS) are placing nonprofit organizations under scrutiny and sending them scrambling for legal advice on sound governance practices.Excerpt:The IRS jumped into the governance fray with a good

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.com0tag:blogger.com,1999:blog-6419732819522225149.post-12251568508804457892007-09-05T10:50:00.002-05:002008-12-08T20:33:28.229-06:00

The big news currently in the world of tax exempt entities is the proposed revisions to Form 990. As you may or may not know, Form 990 is the form which entities that are exempt from federal income tax are required to fill out on an annual basis in order to retain their tax exemption.As noted in previous posts, the changes to Form 990 are going to move forward quickly, and thus the desire to

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.com0tag:blogger.com,1999:blog-6419732819522225149.post-16757417679215343912007-09-05T10:31:00.000-05:002008-12-08T20:33:28.312-06:00

Under the procedures announced in Notice 92-28, 1992-1 C.B. 515, the IRS on September 4 released six exemption rulings issued by the National Office's Exempt Organizations Division.The rulings are primarily form letters recognizing exemption under section 501. (The rulings can be retrieved from Tax Analysts' customer service department under the document numbers listed. Call (800) 955-3444.)The

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.comtag:blogger.com,1999:blog-6419732819522225149.post-51504545453004243132007-09-05T10:24:00.000-05:002008-12-08T20:33:28.476-06:00

The Seattle Times published an article on how to determine the effectiveness of an athlete’s non-profit or charitable entity. While there is a specific focus, there is a good deal of information about choosing the tax exempt entity that is right for you. The Article provides useful guidance and guidelines for the novice, and even the skilled as to the differences between foundations and

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.comtag:blogger.com,1999:blog-6419732819522225149.post-5283370824876559752007-09-04T13:46:00.000-05:002007-09-04T13:50:00.421-05:00

And we’re off. Classes started today at the Northwestern University School of Law, and the first of many long tax law orientated classes started the day, while studying the subject, and a night of sugar plum tax fairies are sure to the course de jour for the evening, and the next nine months. While today’s topic, International Tax, is not the subject of this blog, nor the purpose behind my

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.comtag:blogger.com,1999:blog-6419732819522225149.post-5787052068438008472007-09-01T02:51:00.000-05:002007-09-01T02:59:01.256-05:00

In an interesting story of biting the hand that feeds you, the government has decided to go after ... itself for unpaid taxes. So, it becomes clear to all of us, that the government is not the world's largest tax exempt entity, but rather is a good tax paying citizen, much like the rest of us.A number of federal entities have been failing to withhold taxes from individuals, and all of these

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.comtag:blogger.com,1999:blog-6419732819522225149.post-51241299579199895972007-08-31T19:14:00.001-05:002007-08-31T19:17:04.316-05:00

The IRS is intent on getting the proposed changes to Form 990 completed and in the book by their deadlines, thus their september deadline for comments is not going to change, even despite the push by charities to allow for more time in the comment period.

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.comtag:blogger.com,1999:blog-6419732819522225149.post-23315149487871410532007-08-31T18:59:00.001-05:002007-08-31T19:03:02.552-05:00

I just wanted to point you all to an attorney in San Francisco who has published some information and guides as to corporate governance. His name is Gene Takagi and he has published on his blog a series of corporate governance articles and power points which are incredibly useful if you are dealing with that topic.

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.comtag:blogger.com,1999:blog-6419732819522225149.post-35859774367361412992007-08-31T17:59:00.000-05:002008-12-08T20:33:29.028-06:00

So, today I sat among the mellowest of mellow fans in the "friendly confines" of Wrigley Field. Unfortunately the Cubs lost (by a lot) to the Houston Astros, but I was able to see a game at the famous Wrigley Field (at the tippy top row) and get to meet some other Northwestern students (it's all about networking!).

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.comtag:blogger.com,1999:blog-6419732819522225149.post-68590417988338318672007-08-31T16:55:00.000-05:002007-08-31T17:56:08.582-05:00

I know that this isn't necessarily associated with tax exempt entities, but I couldn't help myself. One of the recent tax related stories has been that the Federal Tax Exemption for americans living and working abroad does not apply to thoe persons living in Antarctica. Bloomberg has a great article on it. In summary, here is what's at stake. The U.S. Tax Court ruled that the approximately

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.comtag:blogger.com,1999:blog-6419732819522225149.post-24290993470304129062007-08-31T13:17:00.000-05:002008-12-08T20:33:29.232-06:00

Well, this is the first of what will hopefully be many blog entries to come. As an introduction let me tell you a little about myself. I was formerly an associate attorney at a large law firm in Nevada. While working there, I had an epiphany that what would make me most happy, from a legal standpoint, would be the advising of non-profit entities. The way to do that, is to become a specialist

Jedediah R. Bodgerhttp://www.blogger.com/profile/12007708798693228014noreply@blogger.com