RES IPSA LOQUITOR
IN COMPLYING WITH
THE NEW NON-PROFIT LAW,
DON’T FORGET THE TAX RULES
T
he Non-Profit Revitalization
Act took effect in New York
State on July 1, 2014.
The Act establishes significant new
reporting and compliance obligations
for New York non-profits.
BY
JOSHUA
GEWOLB, ESQ.
14 | FALL 2014
operation, administration and governance
of non-profit entities and changes designed
to safeguard against abuses.
It is the second category of changes
that overlaps with IRS rules, particularly
the extensive new rules relating to
transactions between non-profits and
related parties such as their directors,
trustees, officers, and certain employees.
While these are rules of state law,
they interact with the federal tax law
in a number of important ways. In
complying with