Today we celebrate a major victory for community foundations and your donors.
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!
Just before noon on December 18, the Senate voted to pass the Protecting Americans from Tax Hikes (PATH) Act making the IRA Charitable Rollover permanent law.
The Year in Review highlights the scope of the Council on Foundation's work in 2015.
ARLINGTON, Va— The Council on Foundations issued the following statement upon the passage of a bill in the House of Representatives making the IRA Charitable Rollover and two other charitable giving incentives permanent law.
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!
In this week's Washington Snapshot: Take Action Now on Extenders; Bill Introduced to Simplify Car Donations; Comments for IRS Gift Substantiation Proposal Due Soon; Update on Financial Action Task Force (FATF); Donor Initiated Funding and the Public Support Test; Governors Order Nonprofits to Deny Services to Syrian Refugees; Domestic Philanthropy and Sustainable Development Goals; White House Briefing on Syrian Refugee Crisis; and more!
Sessions for the Pennsylvania Philanthropy Conference taking place January 25-26, 2016.
Join the Council for a quick 30-minute update on end-of-year congressional activity that will impact your work. Hear the latest on the state of play from our seasoned Capitol Hill consultants, and learn how you can take action on the charitable “tax extenders,” including the IRA Charitable Rollover, through our 5 Minutes for Philanthropy advocacy campaign.