The IRS and Treasury Department have released their annual Priority Guidance Plan (the “Plan”) for the 2012-2013 fiscal year. The 35-page Plan is available here and includes thirteen projects directly related to Exempt Organizations. At least five other projects, such as final regulations under Section 170 regarding charitable contributions and guidance on Section 403(b) plans,… Continue Reading
Category Archives: Private Foundations
Subscribe to Private Foundations RSS FeedIRS Issues Guidance on Hurricane Sandy Disaster Relief Efforts
Posted in Charitable Giving, IRS Filings, Private FoundationsIn response to the severe damage caused by Hurricane Sandy, the IRS has issued several news releases that provide guidance to charitable organizations, employers, and individuals who want to help victims of Hurricane Sandy. Qualified Disaster Relief Payments The IRS has released IR-2012-84 to alert employers and others to the favorable tax treatment of… Continue Reading
Proposed Regulations Change Rules Governing Good Faith Determinations of a Foreign Organization’s Equivalence to a Public Charity
Posted in IRS Filings, Private FoundationsThe IRS recently issued proposed regulations amending the rules applicable to a private foundation’s good faith determination that that a foreign grantee is the foreign equivalent of a public charity or private operating foundation, grants to which will be “qualifying distributions” and not “taxable expenditures.” Most significantly, the proposed regulations expand the class of practitioners… Continue Reading
Proposed Regulations provide helpful new examples of “program-related investments”
Posted in Private FoundationsAs repeatedly promised in its work plan, the IRS recently issued Proposed Regulations containing several new examples of investments that qualify as a “program-related investment” (a “PRI”) for purposes of avoiding potential characterization as a “jeopardizing investment,” which could result in the imposition of excise taxes on a private foundation and its managers under Section… Continue Reading