Kurtz Comments on News of Carnegie Chairman Tax Violations in the New York Times
Partner and Nonprofit + Tax-Exempt Organizations Group chair Daniel Kurtz provided the New York Times with his thoughts on what will become of philanthropic gifts made by Robert F. Smith failed to report more than $200 million in income and evaded taxes. The Times notes that the Carnegie Hall Chairman has "agreed to pay large fines and cooperate with investigators." Carnegie Hall reports no interest in removing Smith. However, outside parties question the decision and the validity of Smith's personal philanthropic contributions to Carnegie Hall and other entities.
According to The New York Times:
Experts in philanthropy said that they believe the donations he made to Carnegie were not likely at risk of having to be returned.
“He reached a plea agreement and paid penalties, so I don’t think there is any exposure,” said Daniel L. Kurtz, an attorney specializing in nonprofits. “It’s hard to find somebody who’s that wealthy who doesn’t have some issue in the past — I don’t think we make that the measure of the value of their gifts."
Daniel Kurtz chairs Pryor Cashman's Nonprofit + Tax-Exempt Organizations Group and is also a member of the Corporate, Tax, and Litigation Groups, among others. With his diverse background as a corporate lawyer, civil prosecutor, and leading governance authority, Dan has earned a national reputation for servicing the full range of needs of his nonprofit clients.
Dan acts as general counsel to many of his clients and as principal outside counsel to others, advising on corporate and governance issues; sponsorship and charitable fundraising opportunities; endowment administration and investment; indemnification; charitable solicitation laws; along with an array of exempt organization tax issues. He also regularly handles business combinations, including joint ventures, sales of assets, mergers, consolidations, and sophisticated reorganizations and restructurings.
Further, Dan represents nonprofit clients in litigation matters, particularly those involving governance and fiduciary responsibility issues. He has conducted numerous internal investigations and handled litigations brought by civil enforcement and regulatory authorities, playing a key role in many groundbreaking cases in this area.
Read The New York Times article in full via the link below.
