Welcome to EO Radio Show – Your Nonprofit Legal Resource. Many business lawyers are called on to advise public charities such as their kids' schools and sports leagues, soup kitchens, and homeless shelters, museums and cultural institutions, community foundations, and the occasional private foundation set up by a good client.

While much of the legal work for established nonprofits is the same as for any other business client, the tax-exempt status of these entities brings with it a host of income See more +

Welcome to EO Radio Show – Your Nonprofit Legal Resource. Many business lawyers are called on to advise public charities such as their kids' schools and sports leagues, soup kitchens, and homeless shelters, museums and cultural institutions, community foundations, and the occasional private foundation set up by a good client.

While much of the legal work for established nonprofits is the same as for any other business client, the tax-exempt status of these entities brings with it a host of income property and sales tax rules that are not necessarily obvious.

In this episode, Cynthia Rowland highlights the most likely tax issues to arise for public charities and private foundations typically organized as corporations that are described in Internal Revenue Code section 501(c)(3). Similar traps exist for other common kinds of nonprofits. For example, social welfare organizations, trade associations, and social clubs, but other special rules also apply to those types of entities and are beyond the scope of this episode.

Resources are available at: https://www.fbm.com/exempt-organizations/publications/five-tax-traps-for-business-lawyers-advising-nonprofit-organizations/

If you have suggestions for topics you would like us to discuss, please email us at eoradioshow@fbm.com.

Additional episodes can be found at EORadioShowByFarella.com.

DISCLAIMER: This podcast is for general informational purposes only. It is not intended to be, nor should it be interpreted as, legal advice or opinion. See less -