What an incredible announcement on May 19 by billionaire and philanthropist Robert F. Smith who pledged to pay off the student loans of all 2019 Morehouse College graduates. How great for these students. However, as some observe, this incredible gesture of generosity may have a downside in the form of a potential tax bill for the students receiving the debt forgiveness.
As companies file their 2018 taxes, several corporate philanthropic leaders have contacted the Council with concerns surrounding the new excise tax. As part of the Tax Cuts and Jobs Act of 2017, Section 4960 of the bill imposes a 21 percent excise tax on highly-paid executives of nonprofit organizations.
Tax practitioners love “safe harbors” or specific guidelines that can be followed to ensure a taxpayer or exempt organization is in compliance with applicable tax law. For charitable organizations making grants internationally, September 14, 2017 was a good day because the IRS issued Revenue Procedure 2017-53 updating previous guidance on foreign public charity equivalency determinations (“EDs”) and giving us several preferred practices related to the preparation and issuance of EDs.
This webinar focuses on private foundations and the issues of self-dealing.
Community foundations can better meet the needs of local students while attracting more donors. Explore one community foundation’s experience in redesigning its scholarship program, as well as insightful findings from a recent report by National College Access Network. The Council's legal counsel will also address legal considerations involved with program changes.
Do you know what happens when the U.S. sanctions U.S. charities?
It’s officially tax season when the IRS releases its Dirty Dozen List of Tax Scams.
An up to date overview of Basic Rights and Rules for Foundations working with Non-US Citizens, given early 2017 Executive Orders by the Trump administration
In this week’s edition of Trending in Legal Affairs, the legal team explains foundation events, elections, and political campaign activity.
In this week’s edition of Trending in Legal Affairs, the legal team explains expenditure responsibility.