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Wednesday, November 30, 2005

Waiver to File Returns Electronically
The IRS has issued guidance on how exempt organizations that are required to file certain returns electronically may obtain waivers of those requirements.

Complete details are available on the IRS website.

Monday, November 21, 2005

Summary of Senate Tax Reconcilliation Bill
Majority Staff of the Senate Finance Committee has released a summary of the tax reconcilliation bill - including the charitable incentives.

Posted by Jennifer Lowe, 12:46:25 PM

Friday, November 18, 2005

Donor Advised Fund and Supporting Orgs Provisions Modified
At 12:30 a.m. this morning, the Senate passed the Tax Relief Act of 2005 (S. 2020) by a vote of 64-33. The final bill contained a number of charitable reform provisions, including provisions affecting donor-advised funds and supporting organizations. Before final passage, Senators approved a Manager’s Amendment offered by Chairman Charles Grassley (R-IA) that made changes to the donor-advised fund and supporting organization provisions.

Although the final bill language has not been released, the Council on Foundation's staff has done an initial analysis based on the content included in the bill reported out of the Senate Finance Committee on Tuesday and the Manager’s Amendment approved last night.Read the Council’s Initial Analysis of S. 2020

Posted by Jennifer Lowe, 03:50:33 PM

Senate Passes Tax Relief Act with Charitable Reform Provisio
From Council on Foundations:

At 12:30 a.m. this morning, the Senate passed the Tax Relief Act of 2005 by a vote of 64-33. The final bill contained a number of charitable reform provisions, including provisions affecting donor-advised funds and supporting organizations. Before final passage, Senators approved a manager’s amendment offered by Chairman Charles Grassley (R-IA) that made changes to the donor-advised fund and supporting organization provisions.

Posted by Jennifer Lowe, 12:14:25 PM

Thursday, November 17, 2005

Financial Disclosure Bill Debated by Massachusetts House
From www.thebostonchannel.com:

BOSTON -- A bill requiring religious organizations to disclose their finances ran into opposition in the House after leaders of smaller religious denominations said they feared becoming "collateral damage" in the Roman Catholic church's clergy sexual abuse scandal.

The bill was set to be debated by the House on Wednesday, the last scheduled day of formal debate for the year, but at the last minute the vote was put off.

Backers of the bill, which was overwhelmingly approved by the Senate last week, said religious groups should be held to the same reporting requirements as other public charities.

Posted by Jennifer Lowe, 02:51:33 PM

Articles on the Nonprofit Provisions of the Tax Reconcilliat
On Senate Finance Committee nonprofit incentives/reforms:

Chronicle of Philathropyarticle

OMB Watch's Watcher article

Posted by Jennifer Lowe, 02:38:12 PM

Tuesday, November 08, 2005

CFC Issues Final Rule on Anti-Terrorism Certification
The Combined Federal Campaign has released its final rule for anti-terrorist certifications for charities applying to participate in the program in the upcoming year. The new rule requires a general certification of compliance with anti-terrorism financing laws, but does not make checking employees’ names against government watch lists mandatory. The nonprofit sector has scored an important victory in this case. Details will follow soon, after we have completed a thorough review of the final rule.

The final rule is online here

Tax Reconcilliation Bill May Include Reforms and Incentives
The Washington Post thinks that the tax reconcilliation bill, due to be introduced today by Sen. Charles Grassley (R-IA) will include these reforms:

tighten rules on appraisals of non-cash charitable donations

limit deductions for donations of easements that protect the outward appearance of historic buildings

According to the article, Sen. Rick Santorum (R-PA) will be offering up the popular, but expensive, IRA rollover.

Posted by Jennifer Lowe, 11:38:42 AM

Monday, November 07, 2005

Charitable Reforms May Be Included in Tax Reconcilliation Bi
From BNA: (subscription required)

The release of a mark for the Senate Finance Committee's tax reconciliation bill may be put off by a day, as the committee continues to look for ways to navigate the stripping--at least for now--of $10 billion in tax cutting authority.

An aide told BNA Nov. 4 the mark would likely be issued Nov. 8, a day later than previously expected, in anticipation of a markup Nov. 10. The committee continues to search for as many offsets as possible.

Finance Chairman Charles Grassley (R-IA) said recently that the $12 billion in revenue that could be gleaned from codification of the economic substance doctrine makes it a likely contender for inclusion in the package.

Aides said revenue-raising charitable reforms may make it into the bill, but probably only to offset charitable incentives if those breaks are pushed by Finance members. Reforms dealing with donor-advised funds, facade easements, and a tightening of rules on non-cash donations are seen as topping the list for possible reform provisions.

Posted by Jennifer Lowe, 03:34:42 PM

Friday, November 04, 2005

House Not Interested in Government Overhaul of Charities
According to Tax Analyst (via PDGC):

The minority chief tax counsel for the Ways and Means Committee in the U.S. House said Congressional backing for sweeping changes in regulating governance of charities had shrunk in the wake of efforts by the nonprofit sector to acknowledge charitable abuse, to show it was not widespread, and to offer solutions.

Posted by Jennifer Lowe, 11:17:54 AM

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