Tax Issues
IRS Provides Guidance on Deduction For Personal Use of Aircraft by Specified Individuals - 06/08/05
Aviation
June 8, 2005

The IRS recently issued Notice 2005-45 (the "Notice"), which explains how to apply the limitations enacted under the American Jobs Creation Act (Pub. L. No. 108-357) on the costs that a company may deduct when an executive uses the company's aircraft for entertainment travel. The Notice serves as interim guidance until final regulations are effective.
Independent Sector Panel Seeks Comments from Tax-Exempt Organizations; Congress may Ease Restrictions Related to "Controlled Organizations" - 5/16/05
Tax
May 16, 2005

Given the increased scrutiny by Congress and the Internal Revenue Service, the next few years promise to be one of the most dynamic times in recent memory for nonprofit organizations. Congressional Committees have begun a series of hearings examining the state of nonprofit law in preparation for impending legislation; the Internal Revenue Service has begun an unparalleled enforcement initiative directed against perceived nonprofit abuses; and tax-exempt organizations are under ever increasing economic pressures to compete against for-profit organizations in order to continue charitable operations.
FED Considering PAC Payroll Deductions for Trade Groups - 12/23/04
Advocacy & Government Relations
December 23, 2004

Michael H. Chanin

The Federal Election Commission ("FEC") is considering a rules change that would improve the ability of trade associations to raise money for their political action committees ("PACs").
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