The Council on Foundations wrote to the Department of Treasury and the Internal Revenue Service (IRS) to urge them to take measured care in drafting proposed regulations so as not to penalize appropriate uses of donor advised funds (DAFs).
In This Week's Edition of Snapshot: Ways and Means Committee Adopts FY 2019 Budget Views and Estimates Letter; Senior Treasury Official Leaves Agency Amid Tax Reform Implementation; and, In the States: SALT Workaround Bills Advance
Explore how state proposals to get around the federal SALT deduction repeal could impact the philanthropic sector and charitable giving.
In This Week's Edition of Snapshot: JCT Estimates Number of Itemizers Under New Tax Law; IRS Issues Guidelines on New Opportunity Zones; FEMA Seeks Youths; Commerce Releases New Strategic Plan; and In the States: SALT Workaround Bills Advance
Historically, budget proposals put forward by Administrations have served as a messaging document for laying out a President’s priorities for the upcoming fiscal year, as opposed to an actual starting point for Congress to draft a budget.
In This Week's Edition of Snapshot: Brief Government Shutdown Ended with Passage of Budget Deal; Trump Administration Releases 2018-19 Budget; Repeal of Johnson Amendment Raised at; National Prayer Breakfast; President Trump Officially Nominates New IRS Head; FEMA Requests Comments on Natural Hazard Mitigation Strategy; and In the States: Estate Taxes on Legislative Agendas, and Maine Governor Issues Renewed Assaults on Nonprofits, Foundations
Nonprofit and philanthropic leaders renewed their call for preserving the Johnson Amendment, the longstanding law that protects their organizations from the divisiveness of partisan politics. The call comes as House Majority Whip Steve Scalise (R-LA) used the National Prayer Breakfast to express support for repealing this important protection.
In This Week's Edition of Snapshot: Hill Leaders Reach Agreement on Long-Term Budget Deal, Immigration Issue Remains Unsolved; Pay-for-Success Measure Passes with CR in the House; Senate Committee to Hold Hearings on Tax Reform Implementation; Treasury, IRS Release Updated Priority Guidance for 2017-18; and In the States: Property Tax Measures Place Pressures on Nonprofits, Medicaid Work Requirements Challenged in Court
In This Week's Edition of Snapshot:President Delivers First SOTU, Congress Reacts; Mnuchin Urges Action on Debt Limit as Congress Seeks to Prevent Another Shutdown Next Week; Tax-Writers in House Continue Work Post-Tax Reform; HUD and COF Launch Exchange Highlighting Public-Philanthropic Partnerships; USDA Announces 2018 Legislative Principles; and In the States: Colorado Considers Expanding Endowments
In This Week's Edition of Snapshot: After three-day shutdown, government reopens; Congress continues to grapple with immigration; Chuck Rettig tapped to be new IRS Commissioner; Senate confirms Jerome Powell as new Federal Reserve Chair; In the States: States consider Medicaid work requirement