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Nonprofit Tax Rules Leave Open Long-Standing Reporting Question, Bloomberg Law

April 24, 2020

Morgan Lewis partner Alexander Reid was quoted in a Bloomberg Law article about the US Internal Revenue Service’s plan to issue additional guidance regarding how nonprofits are to divide time and pay for employees whose work aligns with several areas for income resulting from unrelated business activities. When discussing the proposed rules regarding the North American Industry Classification System (NAICS), Alex noted, “[T]he allocation method you used before, might not be the same if you impose this kind of formalistic NAICS code system for grouping.”

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