Charities Sue to Block Ban on Down-Payment Gifts
A decision this month by the U.S. Department of Housing and Urban Development to ban nonprofit housing programs from giving down-payment assistance to home buyers has sparked a federal lawsuit from two nonprofit groups that are looking to preserve the practice. Ameridream, of Gaithersburg, Md., and…
Charities Sue to Block Ban on Down-Payment Gifts
Charities sue to block ban on down-payment gifts
Comic Strip Brings Scrutiny to Education Charity
Comic strip brings scrutiny to a popular charity
Congress could soon create a commission to study the tax laws that govern hedge funds and private equity. Senate Finance Committee aides have already been looking at the structure of offshore hedge-fund investments by major universities such as Harvard, Stanford, and Yale. Under current laws,…
The IRS is mailing letters to more than 650,000 small organizations that are required to file the new Form 990-N informational tax return. Tax-exempt organizations with gross annual receipts of $25,000 or less are required to file the form beginning in 2008. Previously, such groups were exempt from…
Controversy Over Radio Personality Sparks Interest in Questions About His Charity
Controversy over Don Imus sparks interest in his charity
The Internal Revenue Service has announced that it will not increase the fees that it charges nonprofit organizations to apply for tax-exempt status or to receive written advice this year (Revenue Procedure 2007-8, Internal Revenue Bulletin 2007-1). Nonprofit groups that seek rulings for the first…