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Tuesday, August 1, 2023
Faber: A Retired Tax Lawyer’s Information To Nonprofit Board Service
Peter L. Faber (McDermott Will & Emery, New York), A Retired Tax Lawyer’s Information to Nonprofit Board Service, 180 Tax Notes Fed. 113 (July 3, 2023):
I retired 5 years in the past after practising tax regulation for 55 years. A query that sometimes happens to a lawyer approaching retirement is: What’s going to I do with my time? I had these issues, however they proved to be unfounded. I’m nonetheless looking for all that free time that individuals assured me I might have.
I and lots of others have discovered that service on boards of nonprofit organizations might be satisfying and generally is a means of giving again to our communities. One have to be cautious, and within the the rest of this letter I shall focus on among the pitfalls that one should keep away from.
My first warning is: Don’t overcommit your self. If in case you have been lively in your neighborhood or in a selected space (in my case, classical music, significantly early music), you may be identified to organizations, and you may be in demand. It’s flattering to be requested to hitch the board of a company, however you must resist the temptation to simply accept each supply that comes your means. Board membership might be time-consuming. Essentially the most priceless present that I acquired on my retirement was a “No” button. It sits on my desk, and after I press it, it shrieks 5 totally different variations of “no” in strident tones. Take it one board at a time, and don’t be part of a brand new board until you might be happy which you can handle the time commitments of your present memberships. …
Most of my regulation apply concerned coping with the tax issues of enormous companies and nonprofits that had refined in-house workers, so inadvertent foot faults have been uncommon. I’ve needed to make a significant psychological readjustment now that I’m retired and am coping with small, unsophisticated early music organizations. You’ll, too. However aiding these and different small nonprofits might be immensely satisfying. I like to recommend it to retired tax attorneys, however watch out!
https://taxprof.typepad.com/taxprof_blog/2023/08/faber-a-retired-tax-lawyers-guide-to-nonprofit-board-service.html
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