For the past 16 years, the U.S. Department of the Treasury’s Office of Tax Policy and the Internal Revenue Service’s joint Priority Guidance Plan has included the issuance of regulations relating to donor advised funds (DAFs)...more
The tax-exempt sector employs 29% of the American workforce and controls nearly $53 trillion in assets according to IRS statistics. Tax-exempt organizations also account for about 26% of the $1.5 trillion in federal tax...more
The Internal Revenue Service announced on Sept. 14, 2023, an immediate moratorium on the processing of Employee Retention Credit (ERC) claims that is anticipated to last at least through the end of the year....more
With the extended 990-PF filing deadline approaching for private foundations on a calendar year accounting period, foundation leaders should ensure that they have paid the 1.39% net investment income excise tax and should...more
Despite uncertain conditions, a recent survey shows that approximately three out of four donors maintained their level of charitable giving in 2022 and expect to maintain or increase their giving in 2023. That said, the...more
Business owners contemplating selling their companies often look to their tax advisers for options to reduce the potential tax impact upon sale. One option routinely considered is having the owner contribute a portion of the...more
As the end of 2022 approaches, many individuals, families and businesses consider making donations to their favorite charities. In light of recent judicial decisions enforcing “strict requirements” to claim tax deductions for...more
On Aug. 24, 2022, the IRS announced it will provide automatic relief for some taxpayers from penalties for failure to file certain tax returns due for taxable years 2019 and 2020. The IRS stated that it is offering the...more
As charitable organizations continue to navigate fundraising strategies during a pandemic, lawmakers consider proposals that, if enacted, would have a significant impact on charitable giving.
Earlier this summer, the...more
For nonprofit organizations that report on a calendar-year basis, the May 17, 2021, deadline to file Form 990 and Form 990-T electronically is quickly approaching. Nonprofits should take time to review the recently released...more