Thirty three private colleges and universities paid $68,088,096 in excise tax on the net investment income reported on tax returns filed during calendar year 2021, according to information recently released by the Internal Revenue Service.
Nine years after first filing for real estate tax exemption, an historic office building in Pennsylvania has been granted a full charitable exemption. The Pennsylvania Commonwealth Court has reversed a trial court determination that only 72% of the property is exempt and ruled that the property is entitled to a 100% exemption.
Does a statute of limitations apply to a statutory right of a director of a nonprofit corporation to ask a court to remove another director for fraudulent or dishonest acts?
The Internal Revenue Service has advised filers of the 990-N electronic postcard of continued activity by small tax-exempt organizations that they must now sign-in to the IRS “modernized authentication platform” using either their active IRS username or creating an account with ID.me, the current IRS credential service provider.
Full filing instructions are set out in Publication 5248, the IRS User Guide for 990-N filers.
The Pennsylvania Commonwealth Court, in a full court opinion, has affirmed the denial of sales tax exemption for a nonprofit senior living community previously decided by a three-judge panel of the Court. (See Nonprofit Issues® Vol. XXXI, No. 2). The Court has agreed that Friends Boarding Home in West Chester failed to meet the criteria for exemption as a “purely public charity” originally set out by the state Supreme Court in 1987.
In 1850 noted Harvard University professor Louis Agassiz arranged to have four daguerreotypes made of Renty Taylor and Delia Taylor, who were enslaved on a plantation in South Carolina. Renty was ordered to disrobe. His daughter was striped to the waist. Their images were used by Agassiz in an academic publication and various lectures “to support polygenism, a pseudoscientific racist theory for which Aggasiz, a prominent scientist, was a vocal proponent,” according to the highest court of Massachusetts.
