must operate exclusively for an exempt purpose.
For plans maintained by tax-exempt organizations
, the new rules
CPAs who serve tax-exempts as employees or consultants will have to explain the implications of this legislation to an ever-growing body of tax-exempt organizations
. A recent Government Accounting Office report says there are now more than 1.1 million tax-exempts in the United States, with the number growing at the rate of over 40,000 annually.
* The law allows generally all tax-exempt organizations
to establish 401 (k) plans for plan years beginning after December 31, 1996.
"Under the current law, which has been in place for more than six decades, tax-exempt organizations
have enjoyed and exercised robust free speech rights and can speak out on any issues that they see as important," observed the letter.
generate UBTI if the income-producing activity is performed regularly and doesn't substantially further its overall tax-exempt mission (IRC [section]513).
Muscheid focuses on the representation of non-profit and tax-exempt organizations
, charitable trusts, and issues relating to Arizona taxation.
Many tax-exempt organizations
have turned to alternative investments--such as limited partnerships, real estate funds, and private-equity funds--to generate returns higher than more traditional, direct investments in real estate, stocks, and bonds.
Carter Ledyard's general practice includes corporate, securities, mergers and acquisitions, private equity, litigation, intellectual property, environmental, employment, media and technology, investment regulation, antitrust, trusts and estates, maritime, ERISA, tax-exempt organizations
, real estate, tax and bankruptcy.
The overall number of tax-exempt organizations
in the United States dropped by 18 percent last year as the number of applications for tax-exempt status declined by about 7 percent compared to 2010.
Compendium of Studies of Tax-Exempt Organizations