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

Another Reminder to Pay Withholding Taxes

The year 2017 will not go down in the record books as a quiet or uneventful one, and while everyone's attention seems to be on the newly proposed tax plans released by the House and the Senate, nonprofits need to  remember the taxing requirements currently in place. For the philanthropy community, the new political reality poses enormous possible challenges, particularly for 501(c)(3)s which have, in the past, safely Read More

Berkshire Museum Drama Heats Up

Recently, in Controversial Decision for Berkshire Museum (10/11/17), we reported on an uproar last summer in the art world. The trustees of this 100-year-old institution in  Pittsfield, Massachusetts, had announced a decision to sell some 40 valuable and cherished works of art at a Sotheby’s auction set for November 2017. The board explained this plan was based on the Museum's perilous financial situation: an Read More

California Benefit Corporations: Sample Annual Reports

Social enterprises are hot: They are springing up around the United States. California has been in the forefront of this exciting new movement of hybrid corporations that combine profit motive with the goal of good works, community consciousness, and sustainability. A benefit corporation organized under California law will be similar, in many respects, to benefit corporations in other jurisdictions, but this state Read More

Evaluating Nonprofit Board Practices

Engaging in the useful self-reflection that has marked the philanthropy community especially in recent years, leaders of the sector have been taking a good look at varied aspects of governance. Earlier this year, we highlighted one study by Stanford University, relying on a 2015 survey, in “Nonprofit Boards: How Effective Are They?” This report suggests that “considerable improvement” is needed for more successful Read More

Protecting Inherited IRAs

Do you have IRAs or other retirement accounts that you plan to leave to your loved ones? If so, proceed with caution. Most people don’t know the law has changed: inherited retirement accounts no longer have asset protection, meaning they can be seized by creditors. In Clark v. Rameker, the U.S. Supreme Court, in a unanimous decision, held that inherited IRAs are not exempt from the beneficiary's creditors because Read More

Hurricanes, Houses of Worship, and FEMA Help

We reported over the summer about Trinity Lutheran Church of Columbia v. Comer, “one of the most important rulings on religious rights in decades." There, Chief Justice John Roberts, writing for a 7-2 majority, explains that the Free Exercise Clause of the First Amendment “...protects religious observers against unequal treatment,” and rules that a state “may not deny a church an otherwise available public benefit Read More