More about laura.kenney@claconnect.com
Laura enjoys providing tax services for public charities, higher education institutions, private schools, cultural institutions, associations, foundations and healthcare organizations.
Blog Posts by laura.kenney@claconnect.com:
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Churches and Religious Organizations – An Important Notice; An Important Opportunity
Article by Alex T. Hengel and Laura J. Kenney Churches, religious schools below the college level, and certain other religious organizations now have a great opportunity for cash tax refunds if they invest in green energy property – even if they normally do not pay any income tax! Like many tax-exempt organizations, religious organizations are […]
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When to Claim Green Energy Tax Credits
Timeliness is very important! Many tax-exempt clients are eager to claim their refundable green energy credits from the Inflation Reduction Act (IRA). The Inflation Reduction Act is a game changer for investing in clean energy, offering new tax incentives and financing opportunities. These credits can only be claimed, however, on a timely filed original Form […]
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Opportunity for Nonprofit Employers to Provide Educational Benefits
Student debt relief has been a hot topic in the news recently. The CARES Act gave employers—including nonprofit, healthcare, and educational institutions—the opportunity to provide tax-free student loan repayments to employees! Under a written employee educational assistance plan, employers can provide employees with up to $5,250 tax-free educational benefits that can be used to repay […]
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When and How to Claim Green Energy Tax Credits
In our latest nonprofit blog we discussed the “who and what” regarding nonprofit and other non-taxpaying entities eligible for the direct pay refund election for green energy tax credits available as of 2023 by the Inflation Reduction Act. The Inflation Reduction Act is a game changer for investing in clean energy, offering new tax incentives […]
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Is Your Nonprofit Doing Green Construction or Renovation?
Is your nonprofit, healthcare or educational institution planning to undertake any construction or renovating or purchasing electric vehicles – snow blowers, lawn mowers, forklifts or other commercial vehicles? The exciting news is that now exempt organizations may be eligible for cash tax credits – even if they don’t have unrelated business income tax! Green energy […]
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Treasury Releases Much Awaited Guidance on Monetization of Energy Credits
Treasury and the IRS have released much anticipated guidance outlining how tax-exempt entities can monetize certain green energy tax credits under the Inflation Reduction Act’s elective pay program. Our team will be reviewing the new guidance and releasing commentary in the coming days … stay tuned! In the meantime, the IRS has posted frequently […]
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Best practices to mitigate tax risk for an exempt organization
Exempt organizations risk embarrassment and possibly sanctions if they make tax-related mistakes. Seemingly simple mistakes on a tax filing or engaging in certain activities could force an organization to spend valuable time and resources for months – or even years – on damage control. In this article, we will attempt to answer a simple question: […]
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Educational Institutions – posting your nondiscrimination policy on the homepage
As many educational institutions are finalizing their Form 990 for tax years ending in 2022, this might be a helpful reminder for your Schedule E reporting. The Internal Revenue Service issued a long-awaited update in 2019, Revenue Procedure 2019-22, regarding publicizing your educational institution’s racial nondiscrimination policy. A college, university or independent school is required to have […]
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LLCs – Standards to Qualify for 501(c)(3)
The IRS issued Notice 2021-56, Standards for Section 501(c)(3) Status of Limited Liability Companies and has requested comments from the public. This notice is an initial attempt by the IRS to set standards for Limited Liability Companies (“LLCs”) to become a tax-exempt organization under Internal Revenue Code (IRC) Sec. 501(c)(3), which previously was only allowed […]
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ERC Miniseries – Episode VI: Recording the Credits
By Kelsey Vatsaas and Laura J. Kenney Whew – we made it! We thank you and give you credit if you’ve binge-watched this entire mini-series on the ERC. Hopefully you are intrigued to find some credits (i.e. MONEY) for your organization, and now have the tools to do it! This last topic is the last […]