Starting a nonprofit organization can be an excellent way to make a difference in your community, but navigating the IRS application process requires careful attention to detail. Here’s what you need to know about forming a 501(c)(3) and obtaining tax-exempt status from the IRS. First Steps: Creating Your Nonprofit Entity Before applying for tax-exempt status,...
When transferring real estate using a Power of Attorney (POA), proper documentation and recording are crucial to ensure a smooth transaction. As experienced real estate attorneys, we regularly help clients navigate the complexities of property transfers using POAs. Here’s what you need to know about this important legal tool. Recording Requirements According to Ohio law,...
Recent developments in federal courts have created significant uncertainty around the implementation of the Corporate Transparency Act (CTA). On December 26, 2024, the Fifth Circuit Court of Appeals reinstated a nationwide injunction that temporarily halts the enforcement of the CTA’s reporting requirements. This decision came shortly after FinCEN had announced new reporting deadlines following an...
Obtaining 501(c)(3) tax-exempt status is a crucial step for nonprofit organizations looking to further their charitable missions. While both Form 1023 and Form 1023-EZ can help organizations achieve this goal, choosing the right application path can significantly impact the process. Let’s explore these two options and help you understand which might be right for your...
Tax-exempt organizations play a vital role in our society, serving various charitable, educational, and social purposes. The Internal Revenue Code section 501(c) outlines different categories of tax-exempt organizations, each designed to serve specific purposes. Let’s explore some of the most common types of 501(c) organizations and their distinct characteristics. 501(c)(3) Organizations – Charitable, Religious, and...
When local governments modify their zoning regulations, existing businesses often find themselves in a precarious position: their previously lawful operations may no longer conform to new zoning requirements. Fortunately, the law protects these establishments through what’s known as “prior nonconforming use” rights, or more commonly, being “grandfathered in.” However, a persistent misconception among both property...
