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Industry Alerts

Gelman, Rosenberg & Freedman distributes industry alerts regarding new tax laws and IRS regulations that have a financial impact on nonprofit organizations, and businesses and individuals. 

Mar 25, 2014 Tax Reform Act of 2014: How It Would Impact Nonprofits
 

The Tax Reform Act of 2014 was released on February 26, 2014 by Dave Camp, Chairman of the U.S. House of Representatives Ways and Means Committee. Given that 2014 is an election year, it is unlikely that Congress will vote on the proposal this year. However, if enacted as drafted, the Tax Reform Actwould substantially change many of the long-standing laws affecting exempt organizations and could potentially impose significant tax liabilities.

Mar 21, 2014 TIGTA Warns of "Largest Ever" Phone Fraud Scam Targeting Taxpayers
 

The Treasury Inspector General for Taxpayer Administration (TIGTA) issued a warning to taxpayers to beware of phone calls from individuals claiming to represent the Internal Revenue Service (IRS) in an effort to defraud them.

Feb 5, 2014 New York Nonprofit Revitalization Act Signed Into Law
 

The New York Nonprofit Revitalization Act of 2013 introduces a set of policies that will affect nonprofit organizations incorporated in the State of New York and those that solicit charitable contributions in the state. The Act delivers significant amendments to existing laws that concern nonprofits incorporated in New York. All affected nonprofit entities should review their policies and procedures to determine their level of compliance with the new law.

Jan 11, 2014 IRS Issues Revenue Procedure to Streamline Exempt Status Reinstatement Process
 

On January 2, 2014, the IRS released Revenue Procedure 2014-11 which removes some of the hurdles previously faced by organizations seeking retroactive reinstatement of their exempt status.  For organizations whose exempt status was revoked for failure to File Form 990, 990-EZ, or 990-N for three consecutive years, regaining exempt status has often been a difficult and drawn out process. 

Jan 2, 2014 New IRS Rules Proposed for 501(c)(4) Organizations - Definition of Political Activities
 

Activities that have long been defined as "nonpolitical" when conducted by 501(c)(4) social welfare organizations may soon be reclassified by the IRS as "candidate-related political activities," potentially limiting those organizations' activities, especially during an election season.

Jerry’s team, Michael Shaffer and Jackie Oneto, are confident and know what we are trying to accomplish ... Jerry is a wealth of knowledge. He asks the right questions and makes us think outside the box to find the best solution.

Barbara Vinesette |  Chief Financial Officer
Integrated Laboratory Systems