Tax and Regulatory Issues

Friday, February 9, 2018
Budget deal has plenty for Connecticut

WASHINGTON, DC -- In rare bipartisan agreement, Congress on Friday approved a massive budget deal that will increase federal spending in Connecticut, providing big boosts for the state’s defense industry and health care programs and even helping schools educate displaced students from Puerto Rico. ...A new measure was added to the extenders package that would help Westport’s Newman’s Own Foundation, which gives 100 percent of the profits made from the Newman’s Own food business to charity, but would have been hit with a 200 percent tax this year unless it divested or got the exception.

Thursday, February 1, 2018
As Tax Deadline Looms, Newman’s Own Marks $500M Milestone

NORWALK, CT -- Newman’s Own Foundation has reached the milestone of $500 million in donations since 1982, when the late actor Paul Newman began selling salad dressing and devoting profits to charities. But the foundation is inching closer to a self-proclaimed April deadline at which point it has indicated it could begin the process of soliciting buyers for the operating company that has been the engine that generates its funds. That would happen if Congress does not create an exemption for huge excise taxes it faces under the new Tax Cuts and Jobs Act.

Thursday, January 18, 2018
The Tax Cuts Are a Bad Deal for Charities

NEW YORK, NY -- Philanthropic organizations have been on edge since Republicans rammed through the monumental tax bill: Will Americans give as generously now that the incentives have completely shifted? Findings suggest that the the Tax Cuts and Jobs Act of 2017 may deal a particularly devastating blow to charities that make up the private social safety net . . .

Thursday, January 11, 2018
An Obscure Tax Law Might Force Newman's Own to Put Itself Up for Sale

WESTPORT, CT -- Newman's Own, the popular purveyor of philanthropic pasta sauce, will be forced to put itself up for sale or pay crushing fines this year due to an obscure provision in the tax code. "It's not a possibility — it's an absolute certainty that we would have to divest," Bob Forrester, chief executive of the Newman's Own Foundation, told CNBC. On Wednesday, Forrester is slated to meet with lawmakers in hopes of a securing a last-minute legislative fix, potentially as part of any deal to fund ...