Nonprofits and the Tax Bills: Third-Quarter Action

Late last month, in Nonprofits and the Tax Bills: Half-Time Update, we reported on the action in the political football game called “tax reform.” By November 21st, the full House of Representatives had passed its version of the “Tax Cuts and Jobs Act,” (H.R.1). In the Senate, moving at “lightning speed,” GOP legislators only reached the point of a party-line vote of the Senate Finance Committee advancing its version Read More

Business Fundamentals: What is a Limited Liability Company (LLC)?

A Limited Liability Company (or "LLC") is the easiest and most straightforward separate business entity to establish, and is also often times the next "step" in the business start-up progression after the "sole proprietorship." Contrary to a sole proprietorship, the formation of an LLC does create a legal entity separate from owner or owners, typically termed "members" in the business' operating agreement. Because Read More

What Should a Nonprofit Know About a Forensic Audit?

In Conflicts of Interest Can Lead to Big Problems, we discussed the significant troubles that have plagued the University of Louisville Foundation for several years. “It’s not uncommon,” we explained, “for a major nonprofit institution like a university health care center to form a foundation to help raise funds and support the important work of the main organization. Many of these relationships proceed for decades Read More

Centuries-Old Religious Dispute: A New Twist  

Myer Myers (1723-1795) was an acclaimed New York City silversmith. Some 380 of his magnificent works “survive in museums and private collections.” He is an important figure, too, in the history of American Jews of the Colonial period. Of Sephardic origin, Myers was a member of Congregation Shearith Israel, the oldest Jewish congregation in the United States. This master crafter created many silver works for his Read More

Public Disclosure of 990s: What You Need to Know

When you file your personal income tax return each April 15th, you're entitled to secrecy about it unless you choose to show it to another person, submit it to a bank, or send it out to the general public with a flashy press release. For a 501(c)(3) organization, the rules are different: A tax-exempt group must make its Form 990 information return available upon request to the general public. These disclosure Read More

Starting a Business? We're With You Every Step of the Way

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Happy Thanksgiving from ALL of Us at For Purpose Law Group!

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Key Cybersecurity Threats for Nonprofits

Back in November 2016, we issued a warning in Nonprofits and Cybersecurity: Make it a Priority: "Hacking is big news these days." There is a false belief that cyber threats are aimed at major businesses, governments, news organizations and other political targets. The reality is sobering: The risk is much more widespread, and has devastating consequences, financially and legally. ‘Cyber threats are a factor for any Read More

Nonprofits and The Tax Bills: A Half-Time Update

Since the first days of January 2017, the party in control of both the White House and Congress has promised a major overhaul of the federal tax code. Until the first week of November 2017, when the House GOP leadership unveiled the “Tax Cuts and Jobs Act,” (H.R.1), there was little more than informed speculation about the particulars.      November Action on Tax Bills The sheer number and scope of proposals directly Read More

Own Rental Property? Then You Need Proactive Estate Planning

A comprehensive estate plan should address all of your assets. For most people, an estate plan must include three common categories: (1) your home; (2) financial accounts, like your checking and savings account; and (3) personal property. Other types of assets - such as life insurance, retirement funds, and annuities - should also be considered as part of your estate plan. If you own rental property, however, your Read More