WATERBURY, CT -- Paula Van Ness, president and CEO of Connecticut Community Foundation, co-authored an opinion piece with three of her national community foundation colleagues about donor-advised funds. They give several reasons why timed payouts for donor-advised funds would be bad public policy and would fail to achieve the outcome that critics seek.
WASHINGTON, DC -- The IRS has announced it is withdrawing its proposal relating to substantiating gifts from donors, which included collecting and reporting the SSNs of donors.
WASHINGTON, DC -- Nonprofits and charities are speaking out against a new regulatory proposal from the IRS. The proposal would encourage charities to collect sensitive personal information from donors, including Social Security numbers.
WASHINGTON, DC -- The National Council of Nonprofits reports that late last Friday, President Obama signed into law bipartisan legislation that funds the government through the current fiscal year (until September 30, 2016) and changes a significant number of tax provisions. Three charitable giving incentives are restored and made permanent in the tax portion of the law, originally titled the Protecting Americans from Tax Hikes Act of 2015 (PATH Act).
WASHINGTON, DC -- Congress has passed a bill that makes the IRA charitable rollover and two other charitable giving incentives permanent. The Protecting Americans From Tax Hikes Act of 2015, which passed the House of Representatives on Thursday, 318-109, makes permanent charitable deductions for donations made directly from individual retirement accounts and provides enhanced deductions for donations of food to foodbanks and donations of land for conservation purposes. The Senate approved the provisions on Friday as part of a combined omnibus spending and tax extenders package.
WASHINGTON, DC -- US Reps. John Larson, Elizabeth Esty, Rosa DeLauro and Joe Courtney split from their party leaders Thursday in voting for a tax package that would make permanent a research and development tax break benefiting many Connecticut companies and tax credits to help low-income families. The PATH Act would also make the IRA Charitable Rollover and two other charitable giving incentives permanent law.