News & Analysis as of

Private Foundations

Tax Reform: Nonprofits and their Executives Brace for Impact

The Senate voted yesterday to begin formal negotiations with the House of Representatives to reconcile their two versions of the Tax Cuts and Jobs Act, a bill that seeks to make sweeping changes to federal tax law....more

More Scrutiny of Donor Advised Funds

by Bryan Cave on

Notice 2017-73, released on December 4, 2017, describes potential approaches that may be taken to address issues raised regarding the use of donor advised funds (“DAF”). The Treasury and IRS are considering developing...more

IRS Issues Request for Comments Regarding the Regulation of Donor Advised Funds

The Internal Revenue Service (the “IRS”) has issued Notice 2017-73 (the “Notice”) which outlines approaches the Department of the Treasury (“Treasury”) and the IRS are considering with respect to the regulation of certain...more

IRS Notice Provides Guidance on Use of Donor Advised Funds for Pledges and Charity Events

by Ropes & Gray LLP on

On December 4, 2017, the IRS released a notice that describes proposed guidance the IRS and Treasury are considering with respect to donor advised funds (DAFs). The comprehensive rules governing DAFs enacted in 2006 gave rise...more

House and Senate Bills Contain Tax Increases for Tax-Exempt Organizations

by Hodgson Russ LLP on

To offset proposed business tax cuts, the Senate and House tax reform bills seek to raise revenue from tax-exempt organizations. The House passed its version of the Tax Cuts and Jobs Act on November 16, and the Senate passed...more

Tax Treatment of Employee Hardship and Disaster Relief - Tax Update Volume 2017, Issue 6

by Pepper Hamilton LLP on

Recent hurricanes and fires have caused employers to focus on how to help employees who have been victims of disasters. Employees also suffer hardships that are not related to disasters, but that result from personal...more

“Philanthro-sales”: How the Tax-Bill Exception Could Provide a New Venue for Private Foundations

by Nilan Johnson Lewis PA on

Outside-the-box-thinking could give private foundations a reason to be excited about an obscure provision in the tax bills passed by the House and currently pending in the Senate....more

Proposed Tax Reform Bill Impacts Philanthropy and Tax-Exempt Organizations

On November 2, 2017, House Ways and Means Committee Chairman Kevin Brady (R-TX) introduced H.R. 1, the “Tax Cuts and Jobs Act” (the “Bill”). At over four hundred pages, the Bill promises substantial changes to the Internal...more

New Rules for Tax-Exempt Organizations in the Tax Cuts and Jobs Act

House Republican Tax Bill Imposes Excise Tax on Wealthy Private Universities and Excess Compensation of Highly Paid Employees; Subjects State Pension Plans to UBTI Rules - On Thursday, November 2, House Republicans led by...more

The Tax Cuts and Jobs Act

by Proskauer - Tax Talks on

Today, the Republicans in the U.S. House of Representatives released their long-anticipated tax reform bill, entitled the “Tax Cuts and Jobs Act”. While there have been multiple statements from the Republican majority in the...more

IRS Issues Guidance on US Private Foundation Equivalency Determinations for Grants to Foreign Public Charities

by Butler Snow LLP on

On 14 September 2017, the IRS issued Revenue Procedure 2017-53, setting out the requirements for ‘preferred written advice’ upon which a US domestic private foundation can rely when making grants to non-US charities. This...more

Final Regulations on PRIs Make for Inspirational Reading for Family Foundations

It is not often that you can find inspiration within the Treasury regulations. But if you are a family foundation looking for innovative ways of pursuing your charitable mission, you will come away from reading the nineteen...more

An Overview of Private Charitable Foundations

by Nexsen Pruet, PLLC on

A private foundation is a powerful tool for charitable giving. It is means of advancing your individual, family, or corporate mission and legacy through supporting those causes which you value the most....more

Tax Reform and the Potential Impact on Tax-Exempt Organizations

by Holland & Knight LLP on

Both the Trump Administration and key leadership in the U.S. House of Representatives and Senate are continuing their focus on tax reform. Although details are being withheld until the Republican leadership in the House,...more

Diving into Family Philanthropy (Segment III): Making your family foundation’s assets work as hard as its grants

Family foundations that distribute grants to worthy charitable organizations to accomplish their philanthropic goals are a familiar part of the charitable landscape. While grant making is an important part of the work of...more

Diving Into Family Philanthropy (Segment II): What giving vehicle is right for your family?

We recommend waiting to choose a giving vehicle (or vehicles) until you have a clear sense of your family’s philanthropic objectives. Once identified, those philanthropic goals, in addition to tax and operational...more

Jimmy Chen Seminar Attendees and Clients at Risk of Being Investigated for Tax Evasion

by Moskowitz LLP on

This past summer, Jimmy J. Chen, accountant and promoter of private charitable foundations, was charged with six felony counts of tax evasion. From 2009 through 2011, Mr. Chen apparently used his tax-exempt ChenSung Family...more

Private Foundations: A Primer for the Business Owner

by Farrell Fritz, P.C. on

Many successful business owners attribute some part of their financial success to their community. The term “community” may have a different meaning from one business owner to another. In some cases, it may refer to the...more

Keeping Your Family Foundation in Compliance

The 2016 election cycle made front page news of certain failures in compliance by both the Bill, Hillary & Chelsea Clinton Foundation and The Donald J. Trump Foundation. Every new year brings new goals and, for every family...more

Fair Warning: Artwork, Private Foundations, and Self-Dealing

The weekend has ended and Art Basel – Miami 2016 has concluded. To many U.S. taxpayers, it’s just another Monday, but to serious collectors who attended this vibrant art fair focused on contemporary paintings and sculptures,...more

Developments in Association Law 2015–2016

The Nonprofit Organizations Practice at Pillsbury has prepared this summary of significant legal and policy developments that have occurred in approximately the past year. All of these developments have potential impacts upon...more

Impact Investing and Private Foundations

by Bryan Cave on

Bryan Cave recently organized a half-day symposium examining the opportunities and legal considerations related to responsible and impact investing strategies. The Responsible and Impact Investing Symposium, held on November...more

Private Foundations: Taking Them Beyond Checkbook Philanthropy

by Lane Powell PC on

Today, we are seeing more sophisticated inquiries by founders of private foundations in line with the discussions surrounding social impact investing. For many years, high-net-worth individuals have used the same formula to...more

IRS Examinations: New Guidance and Issue Areas for Tax-Exempt Organizations

Tax-exempt organizations will soon receive guidance regarding the issues most likely to trigger an examination by the Internal Revenue Service (IRS), says Sunita Lough, Commissioner of the IRS Tax-Exempt and Government...more

Investing Private Foundation Assets: What Every Foundation Manager Should Know

Those responsible for managing a private foundation’s investment assets may not always understand the unique fiduciary and tax constraints imposed on private foundations and their managers by both state and federal law....more

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