- A welcome relief for small not-for-profits, Form 1023-EZ will make it easy for a large majority of charity organizations to apply for tax-exempt status.
- Properly allocating and recording direct and indirect expenses provides charitable organizations with accurate performance ratios.
- The New York Office of Unclaimed Funds (NYOUF) released a new policy for business-to-business transactions that has a bearing on unclaimed property holders within the state.
- Baker Tilly addressed IT challenges to increase efficiency across mission critical operations.
- Many tax-exempt organizations and employee benefit plans, such as pensions, IRAs and retirement plans, are attracted to hedge or private equity funds (Funds) as a method of realizing above-average returns on investments. Since related function or passive income is exempt from federal income tax, and many hedge or private equity investments are passive to the tax-exempt, most income generated from these entities can be generated free of federal and state income tax.
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