We prepare applications for tax exemption, register charities with the attorney general offices of applicable states; prepare and file annual reports and tax returns; and handle examinations of tax-exempt entities.
We advise public charities, schools, churches, health care organizations, private foundations and other tax-exempt entities and investors concerning the receipt of charitable contributions, organizational and operational requirements under the Internal Revenue Code, reporting requirements and the unrelated business income tax. In addition, we are familiar with numerous rules and authorities concerning the use of charitable funds overseas and the responsibility of an exempt organization to oversee the activities of the recipients that it supports.
Many issues arise for tax-exempt organizations that own real estate for their own use or for investment purposes. We advise tax-exempt organizations to determine whether they qualify for exemption from real property taxes and whether they must report income generated by their real estate as unrelated business taxable income. In certain cases, exemptions may be available with respect to various state and local taxes, such as sales, real property transfer or mortgage recording taxes. Certain types of tax credits are only available to taxable entities and individuals, so in some cases our tax-exempt clients may choose to partner with one or more taxable parties to obtain the benefit of the applicable tax credits.
Governmental approval is required to form certain types of non-profit entities, such as housing development fund companies, schools and health care providers. We handle the entire process of obtaining these types of regulatory consents as quickly as possible.
We also advise tax-exempt and non-profit entities about the unique aspects of pensions and employee benefits, employment and conflict of interest policies, and substantiating the reasonableness of employee compensation in their particular situations.