Category: Offshore Charities

Many tax-exempt charities don’t meet IRS requirements

Even though the Internal Revenue Service approves 94 percent of the applications it receives from charities for tax-exempt status filed through the simplified Form 1023-EZ, approximately a quarter of them do not meet the IRS’s own requirements. A recent report by the National Taxpayer Advocate pointed out that Treasury Department...

Maryland nonprofits investing in offshore accounts

When the Chesapeake Bay Foundation, the Johns Hopkins University and other Maryland nonprofits want to maximize the money they can spend in pursuit of their missions, they do what many wealthy individuals and businesses do. They open investment accounts overseas. Many of Maryland’s wealthiest nonprofits — including the University of...