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
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
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
Internal Revenue Code section 4968, enacted as part of the 2017 Tax Cuts and Jobs Act, imposes a 1.4 percent excise tax on the net investment income of certain private colleges and universities. The U.S. Treasury Department...more
With tax filing season in full swing, tax-exempt organizations are beginning to determine how much excise tax they may owe on compensation and severance amounts paid to their most highly compensated employees after 2017. The...more
While speaking at the National Prayer Breakfast on Feb. 2, President Donald J. Trump vowed to “totally destroy” the Johnson Amendment. This pledge was seconded by House Ways and Means Committee Chair Kevin Brady, R-Texas, in...more