Since the enactment of the statutory donor-advised fund (“DAF”) rules under the Pension Protection Act of 2006, sponsoring organizations that manage DAF programs have relied on the Internal Revenue Code (“IRC” or the “Code”) and certain limited administrative guidance to structure and operate DAFs. On November 13, 2023, the Internal Revenue Service (the “IRS”) issued Proposed Treasury Regulations (the “Proposed Regulations,” REG-142338-07) that provide new guidance about how to interpret and apply IRC Section 4966, which imposes excise taxes on taxable distributions from a DAF as well as certain other tax rules related to DAFs.