In this week's Washington Snapshot: Just Announced: August Recess Toolkit; Recap: House Passes America Gives More Act of 2014; Next Steps on Tax Extenders; Chairman Wyden Restates Commitment to Tax Reform; NEW in Snapshot: Trending in Council Legal Affairs; The IRS Can Read Minds: “Gifts” of Real Property; PACE Report on Transparency and Accountability; Upcoming NASCO Conference; Rocky Mountain Tax Seminar
Today, the House Ways and Means Committee met to markup several important bills focused on the charitable sector. One bill would make the charitable “tax extenders”—including the IRA charitable rollover—permanent law. Another would simplify the private foundation excise tax on investment income to a single rate of 1%. The Council has already expressed support for both of these measures. All five bills were passed out of the Committee and will now face a full House of Representatives vote.
In this week's Washington Snapshot, you'll find: Springtime in DC, at long last; Ways and Means Hearing on Tax Extenders; Lois Lerner in More Hot Water; 501(c)(4) Regulations on Slow Track; Grassley Prods IRS on Nonprofit Hospitals; Volunteerism Rates Hit Record Low; Survey Finds Many Nonprofits Still Struggle
In this issue: Council Releases Summary of Camp Bill, Federal Tax Policy News, Treasury Solicits Input on 2014-15 Priority Guidance Plan, IRS TE/GE Reorganization, Other Happenings on the Hill, State Issues
In this issue: Philanthropy Leaders Converge on D.C. for Philanthropy Week; President Obama Releases FY 2015 Budget; Chairman Camp's Tax Reform Bill; Lois Lerner Pleads the Fifth, Havoc Erupts; Social Impact Bonds Issue Briefs.
In this issue: Chairman Camp Releases Tax Reform Proposal, Philanthropy Week Update, Council Submits Comments on Proposed 501(c)(4) Regulations, President highlights foundations' investments in My Brother's Keeper initiative announcement, and State Activity
This afternoon Congressman Dave Camp (R-MI-4), Chairman of the House Ways and Means Committee, released a comprehensive plan to reform the individual and corporate tax codes. Find details of the proposed bill here:
In this issue: Updates on Philanthropy Week in Washington; Camp tax reform plan expected soon; Wyden officially named new Senate Finance Chair; Backlash on 501(c)(4) political activity rules; and Congress Suspends Debt Ceiling.
In this issue: Washington Update Webinar on February 19; Baucus Confirmed as Ambassador to China; Ways and Means hearing focuses on proposed 501(c)(4) rules; Rep. Grayson introduces bills to extend the IRA rollover and food donation deductions; State Activity in Oregon and Nevada; Gates Foundation tackles advocacy; Nonprofits oppose Combined Federal Campaign rules.
In this issue: Giving USA Report Released, Senate Finance Committee Releases White Paper on Tax-Exempt Organizations and Charitable Giving, Baucus and Camp Plan Summer Tax Reform Road Show, Continued IRS Scrutiny