IRS

In this week's Washington Snapshot: Chairman of House Veterans' Affairs Committee to Retire from Congress; IRS Issues Procedure to Gather from Sector; Agency Funds: Invading Principal when Third Party Donors are Involved; Positive News on Proactive Nonprofit Legislation; Charitable Giving Coalition Releases Statement on Clinton Tax Plan; and more!

In this week's Washington Snapshot: Congress Grows More Skeptical of Universities; New Bill on Interest and Dividend Contributions; IRS Speaks on Scholarship Grant Procedures for Private Foundations; Nonprofit Engagement with SCOTUS Nomination; FASB Seeks Foundation Input; DAFs & Successors: Can't We All Just Get Along?; Nonprofits, Constitution Face Challenges Across the States; The Potential and Limitations of Pay for Success; and more!

In this week's Washington Snapshot: This Week in Tax Reform...; Congress Grows More Skeptical of Universities; FASB Seeks Foundation Input; Single Portal Filing Project Seeks Information; Accepting Promissory Notes and Other Debt Instruments; Giving Incentives on State Legislative Agendas; and more!

In this week's Washington Snapshot: News from the Hill; IRS Releases Proposed Rules for Supporting Organizations; Philanthropy Weighs in on Pennsylvania Budget Impasse; South Carolina, Connecticut Announce New Pay for Success Deals; and more!

In this week's Washington Snapshot: POTUS Sends FY 2017 Budget Proposal to Congress; Congress Requests Endowment Information from Universities; Crossroads GPS Group Granted (c)(4) Status; Borrowing from One's Agency Endowment; State Budget Challenges Raising Tensions, Anxiety for Nonprofits; FASB Outreach on Proposed Change to Nonprofit Accounting Standards; and more!

In this week's Washington Snapshot: Upcoming Ways & Means Hearing Will Address Tax Reform; New Changes to IRS Advisory Committee on Exempt Organizations; Update: New Jersey Hospital Property Tax Remains in Flux; Illinois Leading Efforts to Implement Federal Grants Reform; Philanthropy is Projected to Increase in 2016 and 2017; and more!

In this week's Washington Snapshot: Treasury, IRS Withdraw Proposed Rule for Gift Substantiation; DAFs & Child Sponsorship to Charities; State Policy Action in 2015 Predicts Focus Areas in 2016; Update on Financial Action Task Force (FATF); National Taxpayer Advocate Names 1023-EZ Third Most Serious Problem; and more!

In this week's Washington Snapshot: Senate Passes Permanent IRA Charitable Rollover; Council Submits Comments on IRS Gift Substantiation Proposal; Omnibus Blocks IRS Political Activity Rulemaking; FASB votes to Revise Nonprofit Presentation of Cash Flows; DAFs, IRAs, & BFFs; Pay For Success Programs Offer "No Free Lunch"; and more!

A proposed rule by the IRS would allow charities to file an additional information return by February 28th each year that includes taxpayer identification information for donors who contribute $250 or more, and provide a copy of the return to these donors in lieu of a contemporaneous written acknowledgment. The Council believes this rule is problematic, and submitted comments to the Treasury Department voicing our concerns. Notably, these comments reflected concern for 1) the administrative burden this process would place on charitable organizations to collect this information from donors, 2) the privacy of donors’ sensitive information, 3) the deterrent effect this could have on charities’ relationships with their donors, and 4) the “slippery slope” it poses to evolve from an optional method to a mandatory requirement.

In this week's Washington Snapshot: Extender Negotiations Coming Down to the Wire; CRS Releases New Report on Endowments; Comments for IRS Gift Substantiation Proposal Due Soon; New Jersey Tax Challenge Heard 'Round the Country; Oregon Op-Ed Explains Why Charitable Giving Incentives are Important; and more!