124: REFRESH Five Tax Traps for Business Lawyers Advising Nonprofit Organizations

Welcome to EO Radio Show – Your Nonprofit Legal Resource. Many nonprofits today are worried about recent federal actions that may bring governmental scrutiny to their stated charitable mission and activities, such as audits, congressional investigations, and even threats to their status as charities described in Internal Revenue Code Section 501(c)(3). The best advice for many of those organizations is to start with a thorough review of their compliance with all federal tax laws, with the assistance of legal counsel.

For many organizations, there simply isn't room in their budget to engage a specialist lawyer with expertise in these areas, so they look to friends and family for a lawyer willing to assist pro bono. This episode is for those wonderful lawyers who are willing to lend a hand but need to come up to speed quickly on the traps for the unwary in this field. This refreshed episode first dropped in October of 2022. Listeners who want more information along these lines can take a look at the show notes for links to other episodes of the show that take a closer look at these traps.

Show Notes:

EO Radio Show #84: Nonprofit Book Review: ABA Guidebook for Directors of Nonprofit Corporations

EO Radio Show #107: Nonprofit Basics: Unrelated Business Income Tax: Basic Rules for Charities - Part 1

EO Radio Show #108: Nonprofit Basics: Unrelated Business Income Tax: Modifications and Exceptions - Part 2

EO Radio Show #109: Nonprofit Basics: Unrelated Business Income Tax: Debt Financed Income - Part 3

EO Radio Show YouTube Playlist: Nonprofit Basics

IRS Form 990 and Schedules A through R: .css-j9qmi7{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-flex-direction:row;-ms-flex-direction:row;flex-direction:row;font-weight:700;margin-bottom:1rem;margin-top:2.8rem;width:100%;-webkit-box-pack:start;-ms-flex-pack:start;-webkit-justify-content:start;justify-content:start;padding-left:5rem;}@media only screen and (max-width: 599px){.css-j9qmi7{padding-left:0;-webkit-box-pack:center;-ms-flex-pack:center;-webkit-justify-content:center;justify-content:center;}}.css-j9qmi7 svg{fill:#27292D;}.css-j9qmi7 .eagfbvw0{-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;color:#27292D;}