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NASCO letter to IRS regarding 501(c)(3) status for an LLC
On February 4, 2022, the NASCO Board submitted comments to the IRS in response to the Notice 2021-56 invitation to comment on standards that an LLC must meet to obtain 501(c)(3) status. Through these comments, the NASCO Board supported the standards that the IRS and Treasury Department currently apply and requested that the IRS and Treasury Department consider the importance of state charity oversight and the variation of state law applicable to oversight of LLCs and formation of charitable LLCs. The Board also recommended that tax-exempt standards for charitable LLCs require similar notifications to state charity officials as those under state nonprofit corporation law. And finally, the Board offered to help connect the IRS and Treasury Department with any individual state charity official office for any state-specific questions.
Please find the link to the NASCO letter here.
NASCO Drafts Letter to FTC Regarding Impersonation Scams
On March 22, 2022 the NASCO Board responded to the FTC’s Advance Notice of Proposed Rulemaking (“ANPR”) by submitting the NASCO letter . The FTC has stated that their ANPR is to combat government and business impersonation fraud and is intended to allow the FTC to seek strong relief for consumers in cases involving imposter scams. The NASCO letter specifically requests that the FTC consider impersonation of charitable organizations and causes in its rulemaking.
https://www.nasconet.org/wp-content/uploads/2022/02/NASCO-Letter-to-FTC-2022-02-22-002.pdf
Updated State Charity Registration Provisions Survey for 2021
After a year of great change and great need there are many in our communities who are starting new charities and need some guidance about how to get started. In response to this need NASCO has published the July 2021 State Charity Registration Provisions Survey. Please let people in your community know about this helpful resource as a starting point for their charitable endeavors. https://www.nasconet.org/wp-content/uploads/2021/07/NASCO-State-Charities-Registration-Survey-July-2021-FINAL.pdf
Giving Tuesday Tips
#GivingTuesday refers to the Tuesday after Thanksgiving in the United States. It is a global generosity movement which seeks to unleash the power of people and organizations to transform their communities and the world.
NASCO encourages everyone to exercise caution when giving this #GivingTuesday because when charitable monies go to a scam artist, great organizations doing real good in the world miss out on those dollars. Once those dollars are lost to the scam artists the opportunity to help real people and causes are gone.
Please see the attached flyers from some of our State partners with some great tips for charitable giving.
https://www.nasconet.org/wp-content/uploads/2020/12/Consumer-Alert-Giving-Tuesday.pdf