the IRS is soliciting comments concerning Form 990-PF, Return of Private Foundation or Section 4947(a)(1) Nonexempt Charitable Trust Treated as a Private Foundation, and Form 4720, Return of Certain Excise Taxes on Charities and Other Persons Under Chapters 41 and 42 of the Internal Revenue Code.  MORE »

The IRS has announced it is soliciting comments concerning Notice 2006-01, Charitable Contributions of Certain Motor Vehicles, Boats and Airplanes, reporting Requirements under § 170(f)(12)(D).  MORE »

Writing to Treasury Secretary Geithner, Tudor Investment Corporation's Paul Tudor Jones argues that reducing the deductibility for top wage earners on charitable deductions is a huge policy mistake because the proposal does not recognize the enormous amount of intellectual capital from Board service and administrative involvement that is garnered for these charities.  MORE »

In response to IRS Notice 2008-99 in which the Service described a potentially abusive situation involving the avoidance of tax through the sale of an income interest in a charitable remainder trust, James Linott, writing on behalf of Sterling Foundation Management, has reviewed the legitimate reasons for selling such interests and has urged the Service to address the clearly abusive transaction outlined in the Notice as narrowly as possible.  MORE »

Writing on behalf of the American Council on Gift Annuities and National Committee on Planned Giving, Conrad Teitell of Cummings & Lockwood has requested that Treasury amplify proposed regulations on the substantiation and reporting requirements for cash and noncash charitable contribution deductions by giving guidance and examples for split-interest gifts of income and remainder interests and gifts of life insurance.  MORE »

In response to requests for public comments regarding proposed regulations implementing the redesigned Form 990, Morristown, N.J. attorney Edward Hein has suggested the form be modified to include language that a grantor or contributor is not considered responsible for the loss of public charity status based solely because of a grant or contribution.  MORE »

Writing on behalf of of the American Institute of Certified Public Accountants, Jeffrey R. Hoops has submitted comments to clarify that unrelated business taxable income ("UBTI") does not retain its character as such if it is distributed by a charitable remainder trust ("CRT") to a charitable organization as part of the annual annuity or unitrust payment. Although uncommon, it is possible to name a section 170(c) organization as a co-income recipient of a CRT.  MORE »

Writing on behalf of the Council on Foundation and its public charity members, Janne G. Gallagher has submitted extensive comments and suggestions on the draft instructions for IRS Form 990. Key areas of concern involve the reporting of funds that are similar to donor advised funds, travel and entertainment expenses for government officials, and the reporting of grants and other forms of economic assistance that benefit interested persons.  MORE »

Writing on behalf of Kaspick & Co., Heidi Strassburger has asked that proposed regulations under Sec. 1.67-4 pertaining to the rules for subjecting investment advisory fees of trusts to the 2% floor exclude investment advisory fees for Pooled Income Funds by suggesting that doing otherwise would defeat legislative intent.
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Notice 2005-41 explains new rules governing charitable contributions of intellectual property made after June 3, 2004. Although no change to the notice is anticipated, the Service is seeking comments regarding the efficiency of its information collection processes. Comments should be received by August 4, 2008.  MORE »