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 »

In response to an IRS request for comments, the AICPA Form 990 Instructions Task Force and Exempt Organizations Technical Resource Panel have responded with a comprehensive list of recommendations to improve the form.  MORE »