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Personal Foul…Roughing The Taxpayer: The Irs’ Triple Penalty On Hardship Distributions, Michael Flynn, Craig C. Minko
Personal Foul…Roughing The Taxpayer: The Irs’ Triple Penalty On Hardship Distributions, Michael Flynn, Craig C. Minko
Fordham Journal of Corporate & Financial Law
Everyone knows of someone, a family member, a co-worker, a neighbor or just an acquaintance, who has been adversely affected by the downturn in the economy. For many, this means dipping into retirement accounts to help out others, to fund college tuition, to pay for unexpected medical bills or just to make ends meet. Then the surprise hits. The retirement account funds, filled with money that each participant paid in for reasons just like these, are not readily available. To the extent that they are available, the funds come at a steep price even though the participant is in desperate …
Subsidizing Hate: A Proposal To Reform The Internal Revenue Service's Methodology Test, Alex Reed
Subsidizing Hate: A Proposal To Reform The Internal Revenue Service's Methodology Test, Alex Reed
Fordham Journal of Corporate & Financial Law
Although a wide variety of organizations may qualify as tax-exempt public charities, reform is needed to ensure that hate groups masquerading as educational organizations do not receive preferential tax treatment. Since 1986, the Internal Revenue Service has utilized a methodology test to determine when advocacy of a particular viewpoint may be deemed educational so as to qualify the underlying organization as a public charity. Because Service has been reluctant to apply the test rigorously, however, a number of hate groups have been able to obtain charitable status under the guise of operating as legitimate educational organizations. This Article argues that …