The Texas Forced Sale Remedy

Governed by Chapter 29 of the Texas Property Code, the forced sale remedy allows the co-owner of an inherited property to force the sale of another owner’s interest in the property if that party fails to meet its ad valorem tax obligations. This sale acts as reimbursement for the taxes paid … Continue reading

IRS 2015 Revisions on Publication 598

The Internal Revenue Service recently published revisions on Publication 598 for tax on unrelated business income of exempt organizations. Publication 598 explains what organizations are subject to the tax, the requirements for the tax return filing, and how to figure out unrelated business income. One revision included an increase to the price of … Continue reading

IRS Holds Private Foundation’s Investment in Corporation as Not Self-Dealing Although It is Funded by Disqualified Persons

In a ruling letter, the Internal Revenue Service (“IRS”) held that an otherwise tax exempt organization’s investment in a corporation will not be a self-dealing activity even though the organization is funded by disqualified persons.

Under section 4941(d) of the Internal Revenue Code, self-dealing between a disqualified person and a … Continue reading

AICPA: Six key developments for not-for-profit CPAs

The missions not-for-profits (NFPs) follow do not make them immune to the business difficulties faced in other sectors.

Complexity, regulation, globalization, and economic trends all are creating challenges for NFPs, their leaders, and the CPAs who work with them. New accounting standards for NFPs are under development, and NFPs face … Continue reading