The Service announced in Rev. Proc. 2018-38 that it would no longer require most tax-exempt organizations to report the names and addresses of substantial contributors. The change did not apply to purely public charities exempt under Sec. 501(c)(3). Substantial donor information is currently reported on Schedule B, Schedule of Contributors, of Form 990, Form 990-EZ, Form 990-PF and Form 990-BL. The ruling reduced transparency with respect to substantial contributors and was widely seen as a boon to dark-money forces seeking to influence our elections.
The new Revenue Procedure was swiftly challenged in court. Montana and New Jersey filed suit to challenge the rule change on the basis that the federal data is shared with the states and they rely on the substantial-contributor information in enforcing their own laws. On July 30, 2019, a federal district court in Montana ruled that the IRS violated federal law when it adopted Revenue Procedure 2018-38.
Whether your interested in giving abroad because you’ve traveled to distant parts of the world and were inspired by the inventiveness of the communities you visited, read about an issue in a news article, or maybe just feel a special kinship with a given place, the desire to help can quickly move to the top of your priority list.
Not every contribution to a charity qualifies for a charitable deduction. Charities that misunderstand the rules can lead donors astray when they offer tax receipts for non-deductible gifts inadvertently damaging donor relationships.
The groundbreaking Facebook founder has once again broken with tradition and formed his philanthropy as an LLC. Clients have questioned the benefits of choosing to forgoe the traditional private foundation in favor of an LLC. We are here to break it down.
Congress recently passed a law permitting taxpayers to claim a deduction on their 2009 tax return for contributions to charities […]
Individuals and businesses making contributions to charity should keep in mind several important tax law provisions that have taken effect in recent years. Some of these changes include the following: