News Tag: Client Alert

By: Eric W. Dyer, Anita S. Lichtblau and Sharon C. Lincoln   The Massachusetts Attorney General’s Office, Non-Profit Organizations/Public Charities Division (the “Division”) has recently released timely and helpful guidance for nonprofit organizations. On April 28, 2020, the Division issued guidance for charities on utilizing endowment funds titled, “Attorney General Guidance on Endowments for Charities

By: Sharon C. Lincoln and Anita S. Lichtblau On Friday April 3, 2020, Governor Baker signed into law emergency provisions that will permit nonprofits organized in the Commonwealth to adapt their governance practices to the unique challenges posed by the current COVID-19 crisis.   One of the key issues the emergency provisions are

By: Sharon C. Lincoln  Interim final rules impose tighter rules regarding use of PPP loans; faith-based organizations are exempt from affiliation rules The U.S. Small Business Administration (“SBA”) released guidance in the form of two interim final rules at the end of last week, as well as a fact sheet

By: Sharon C. Lincoln The U.S. Department of the Treasury (“Treasury”) released guidance in the form of a Q&A fact sheet at the end of the day on Tuesday March 31, 2020 providing preliminary answers regarding the Paycheck Protection Program (“PPP”) provided under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES

By Sharon C. Lincoln and Eric W. Dyer As the economic impact of COVID-19 continues to be felt throughout the United States, the federal government has provided $2.2 trillion in relief by enacting the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which was signed into law on March 27. The

By Sharon C. Lincoln and Eric W. Dyer The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) includes the Paycheck Protection Program, a new initiative that makes it easier for eligible organizations to obtain loans through the Small Business Administration (“SBA”) in order to keep operations running and retain employees. An

By Sharon C. Lincoln When President Trump formally announced that the COVID-19 pandemic was a national disaster, he opened the way for employers – businesses and nonprofit organizations alike – to make tax-free payments to employees who incur COVID-19-related obligations that are not reimbursed by insurance or otherwise. Section 139 of the

By: Sharon C. Lincoln In a move that put tax-exempt organizations – including churches and soup kitchens – on par with publicly traded corporations, the Tax Cuts and Jobs Act (TCJA) added section 4960 to the Internal Revenue Code (the Code).  The law imposes an excise tax on remuneration in excess of

By: Sharon C Lincoln Among the many revenue raising measures imposed on the tax-exempt sector in the Tax Cuts and Jobs Act (TCJA), Internal Revenue Code § 512(a)(7), imposes an excise tax at the new corporate income tax rate (21%) under the unrelated business income tax (UBIT) rules on expenditures made to

This is the fifth (and final)  in a series of client advisories to commemorate the 5th anniversary of the MA benefit corporation statute Reading for the Greater Good:  Two New Engaging and Informative Books on Social Venture This fall saw the release of two notable books that discuss social enterprise