Directors of a California nonprofit aquatic center who sued other directors for breach of fiduciary duty have been awarded approximately $83,000 in attorneys’ fees when two courts have determined that defendants’ motion to dismiss the claim under the state’s anti-SLAPP statute was frivolous.
The Internal Revenue Service is revising the Form 1024 application for tax exemption (other than 501(c)(3) charitable exemption) to require electronic filing as part of its “ongoing effort to improve service for the tax-exempt community.” The Service says it will provide a transition period during which the current paper submission will also be accepted.
The Build Back Better Act recently passed by the House of Representatives and sent to the Senate contains innumerable highly publicized programs that will provide billions of dollars in grants for nonprofit organizations. But it included two unheralded provisions that would specifically aid nonprofit local journalism and allow colleges and universities to reduce or eliminate the special excise tax on endowment earnings.
The Ninth Circuit Court of Appeals has affirmed a ruling that a decedent’s estate is not entitled to a charitable estate tax deduction for assets passed from the estate to a charitable trust. The Court held that the transfer was not accomplished by the decedent’s will.
