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Posts by David Leipnik

The Nonprofit “Parking Tax” Was Repealed

On December 20, 2019, the “parking tax” for nonprofits was repealed. The parking tax, otherwise known as the taxation of transportation fringe benefits by nonprofit employers under Section 512(a)(7), was first brought into law with the passing of the Tax...
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E-Filing Will be Mandatory for All Tax-Exempt Organizations

The IRS recently announced new rules for e-filing requirements for tax-exempt organizations. The Taxpayer First Act requires all tax-exempt organizations to electronically file Form 990. Currently, only a limited number of nonprofits are required to file...
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How to Protect Your Nonprofit With a Conflict of Interest Policy

A conflict of interest policy is important for any business, but has greater significance for nonprofit organizations. A good conflict of interest policy helps a nonprofit organization protect its reputation AND its tax-exempt status.
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How This Nonprofit Lost Their Nonprofit Status — Giving Hearts, Inc.

It’s not too often that you hear about an organization losing their nonprofit status. Here’s the story of one that did.
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3 Tax Planning Strategies that Cost You Little But Provide Immediate Tax Savings

With so many of my high net worth clients being philanthropically inclined, there’s nothing I like better than a good tax savings strategy that ties into their charitable activities. Typically, charitable contributions will result in a reduction of your...
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Program-Related and Mission-Related Investments for Private Foundations

Even though a private foundation is required to make annual distributions (usually 5% of its net asset base) in support of its mission, the vast majority of its assets must remain invested and is not otherwise available to provide support for its causes.
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