As we approach January 1, 2024, small businesses across the United States are on the cusp of a significant regulatory shift. The implementation of the Corporate Transparency Act (CTA) and the Beneficial Ownership Information (BOI) Reporting requirements is a new era of compliance and transparency. Understanding the Corporate Transparency Act The CTA, primarily an anti-money laundering law, aims to prevent illicit activities such as money laundering, terrorism financing, and tax fraud. It requires some businesses to disclose information about their beneficial owners to FinCEN. This move is desi ..read more

ALBANY, N.Y. – Hedgeman Law Firm, a renowned woman-owned comprehensive law serving New York State and Washington D.C., today announced the launch of the 2023-2024 Nonprofit Law Academy (NLA) aimed at educating and building legal capacity for tax exempt entities in New York and Washington D.C. and Virginia. The last few years have been challenging in more ways than one for tax-exempt entities and Religious Corporations. Now, more than ever, tax-exempt organizations are being asked to do more with less. For some, the donor base has dried up and corporate citizens have less capital to i ..read more

Lobbying is a valuable tool for nonprofits to influence public policy and advocate for causes that align with their mission. However, to maintain transparency, uphold your organization’s reputation, and prevent potential legal issues, it’s crucial to adhere to lobby law compliance regulations. Here are some key points to keep in mind: Registration and Reporting: Depending on your jurisdiction and the extent of your lobbying activities, you may be required to register as a lobbying entity. Make sure to understand the threshold that triggers the need for registration and the associated reportin ..read more

Commercial real estate transactions involve several critical steps, each contributing to the successful completion of the deal. These steps, namely Identification and Origination, Underwriting, Due Diligence, and Closing, require careful attention and proper execution. While each transaction may follow a unique process, they all adhere to a general framework tailored to the specific legal entities involved and the transaction’s peculiarities. For aspiring commercial real estate investors, understanding and following these steps are essential for a smooth transaction: Identification and Origina ..read more

As a nonprofit organization, engaging in political activities is a common and necessary practice. However, there are limitations that must be understood in order to avoid legal issues and penalties. In this article, we will explore the limitations of nonprofit political activity and provide insight into how organizations can stay within legal boundaries. Nonprofit political activity refers to any activity that seeks to influence political candidates, parties or legislation. It can include lobbying, voter education and mobilization, issue advocacy and campaign intervention. It is important for ..read more

Organizations formed in Virginia to conduct business on a nonprofit or not-for-profit basis are usually formed as Virginia nonstock corporations.  These corporations, which can, but are not required to, have members (i.e., a membership), do not have owners. When you file for incorporation you must include whether or not you will have members and you must identify how directors will be elected. You must have at least 3 directors, not related to each other. When recruiting nonprofit board members, keep some things in mind to find the right candidates: Your mission: You exist to provide publ ..read more

This guide will assist nonprofits in implementing successful Conflict of Interest Policies. This guide reflects amendments to the Not-for-Profit Corporation Law (“N-PCL”) which became effective May 27, 2017. Why implement a Conflict of Interest Policy? A Conflict of Interest Policy is preeminent to the success of any nonprofit corporation. Highly accomplished board members will almost always face conflicts of interest, especially those who are particularly involved with the community and have formed numerous business relationships. Having an effective Conflict of Interest Policy allows for t ..read more

For nonprofit organizations operating under §501(c)(3) of the Internal Revenue Code, some records are open for public inspection. This includes:   Annual returns for 3 years after the due date, such as Form 990 and 990-T.  All Form 990 schedules, attachments, and supporting documents except Schedule B.   The application for exemption and all supporting documents. This includes Form 1023 if filed on or before July 15, 1987. The determination letter from the IRS that shows that the organization has tax-exempt status. Typically, it is best to have these documents avai ..read more

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