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
Federal tax law prohibits nonprofit organizations from providing private inurement and unwarranted private benefit. Failure to comply with these basic rules jeopardizes an organization’s tax-exempt status. Layered on top of...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