Friday, Eldredge & Clark works with trade and professional associations and other tax-exempt organization clients on tax and legal compliance matters, including lobbying and ethics rules, political action committees, antitrust, member services issues, employment laws, and employee benefits programs. If you serve as an association executive or a board member, you can rely on our guidance for all your compliance and governance concerns.
Our lawyers rank among the leading non-profit, tax, and employee benefits counselors in Arkansas, as shown by our 10 attorney listings in those practice areas in the most recent edition of The Best Lawyers in America. We advise leading industry associations, utility cooperatives as well as other cooperatives, and tax-exempt units of educational, health care, community, cultural, and corporate organizations. Our experience in dealing with legal issues from such a wide range of nonprofit sector participants is your assurance that we are prepared to assist you with your legal needs.
We work with our clients to help them structure their organizations to comply with all tax code requirements to obtain tax-exempt status. Our lawyers handle exemption applications to the Internal Revenue Service, secure letters of determination, and respond to audits and inquiries involving Section 501(c)(3) non-profit organizations, 501(c)(6) trade associations, and similar entities. In addition to helping your organization with the sometimes complicated tax exemption process (Forms 1023/1024), we are also ready to assist you with the annual information filing requirements such as the Form 990 and the Arkansas attorney general’s annual registration requirements for charitable organizations. In addition, our lawyers can advise you on the property tax exemptions, tax controversies, and audits specifically involving tax-exempt organizations.
If you have responsibility for a tax-exempt organization that is subject to Internal Revenue Service review of Section 403(b) and Section 457 retirement programs—as well as 401(k) plan opportunities that have been extended to tax-exempt entities—you can confidently turn to our firm for full funding and compliance guidance. We offer effective plan structure and design, as well as preventive plan reviews that identify and correct problems before they show up in an IRS audit. We also make certain that all your important documents, government filings, and compliance test results are readily available in case of an IRS or Department of Labor audit.
General Non-Profit Law
Our lawyers represent associations and other nonprofit organizations in their everyday operational concerns including corporate governance and officer and director liability. We routinely draft and review nonprofit corporate documents to conform with changes in the law or organizational needs. Our lawyers are also extremely knowledgeable about the governance implications of the tax law as it relates to the compensation of nonprofit executives and transacting business with for-profit entities.