House Approves New Charitable Giving Incentives

On July 17, the US House of Representatives passed the America Gives More Act of 2014 (“Act”).  The package of bills is designed to increase donations to Section 501(c)(3) organizations.  While the prospects of the bill being approved by the Senate may be unlikely, given the current gridlock and partisanship in Washington, its future implications for charitable giving are quite noteworthy.

 The Act contains the following five charitable giving provisions: 

Eavesdropping Revisited – No New Illinois Law Yet…

Our firm has been tracking recent developments regarding eavesdropping laws in Illinois.  When the Illinois Supreme Court struck down the Illinois Eavesdropping Act as unconstitutional back in March, we indicated that there was a window of opportunity for those who want to electronically record communications to do so without fear of criminal prosecution.  Now that the Illinois state legislature has adjourned its 2014 Spring Session without enacting a replacement statute, that window has been extended to at least January 2015, when the next Spring Session begins.  However, those wishing to

Is EZ Better? The IRS Releases New 1023 Form for Small Nonprofits

Obtaining tax exemption just got easier for some nonprofit organizations.  On July 1, 2014, the IRS began accepting the Form 1023-EZ, a streamlined application for exemption from federal income tax under Internal Revenue Code Section 501(c)(3).  Since its release in April, the Form has received widespread criticism in the philanthropic community, concerned that the process is nothing more than a rubber stamp, increasing the risks for fraud and other misuse of charitable assets.