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Client Alert - Delaware Supreme Court Decision Puts Boards on Notice Regarding Duty to Review Risk

A recent Delaware Supreme Court decision has put boards on notice of their duty to review the risks facing their companies, regularly review, monitor, and oversee those risks, establish reporting systems from management to the boards, and fully document those efforts in minutes and board materials.  Failure to do so can expose a director to personal liability. 

District Court Revives Donor Reporting Requirement in IRS Form 990, Schedule B

On July 30, a U.S. District Court judge in Montana invalidated the IRS’s 2018 rule that had eliminated the need for most 501(c) organizations to report the names of their large donors to the IRS.    
 
In July 2018, the IRS adopted Rev. Proc. 2018-38, in which it relieved Section 501(c) organizations, other than Section 501(c)(3) organizations, of the obligation to report the names and addresses of donors giving $5,000 or more during the year on IRS Form 990, Schedule B, beginning with tax year 2018 (due on or after May 15, 2019 unless an extension is elected).  Under the revenue procedure, organizations were still required to collect and preserve this information, as well as to provide it upon request to the IRS. As before, all donor information, whether or not reported to the IRS, remained strictly confidential and not subject to public disclosure.

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Political Law Notes - August 2019

District Court Revives Donor Reporting Requirements in IRS Form 990, Schedule B

The Real Deal - Summer 2019 Issue

Opportunity is Knocking (at least in Baltimore County)

Opportunity Zone Regulations: Round 2