IRS Publication 4221-PF, Compliance Guide for 501(c)(3) Private Foundations Released

The IRS has released Publication 4221-PF (rev. Aug. 2014), “Compliance Guide for 501(c)(3) Private Foundations,” which explains the different types of private foundations, activities that could jeopardize a tax-exempt status, what federal information and tax returns private foundations must file, and required public disclosures, among other things.

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PLR 201725008: Ruling Re Matching Gifts by Private Foundation Matching Gifts of Employees of Corp That is Foundation’s Sole Contributor

The IRS made the following rulings with respect to donations made by a private foundation to match those made by employees of a corporation that is the foundation’s sole contributor:

  1. The donations that Foundation makes pursuant to its matching donation programs will not constitute self-dealing under section 4941.
  2. The donations
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Flawed Exempt Org Returns to be Rejected

Tax Analysts is reporting that the Service is likely to soon reject inaccurate or incomplete paper information returns filed by exempt organizations. It notes that “Maria Hooke, director (exempt organizations examinations), IRS Tax-Exempt and Government Entities Division, pointed out that while faulty returns submitted electronically are rejected upfront, the IRS works … Continue reading

AICPA Offers Form 990 Recommendations to IRS

On June 17, 2015, The American Institute of CPAs (“AICPA”) offered more than 40 recommendations to the IRS for the Form 990, Return of Organization Exempt from Income Tax, and instructions.

The recommendations include the following:

  • adding thresholds throughout the instructions at the top of any schedule, part or line that
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Donating Complex Assets

Julie Chu, at Credit Suisse, writes about charitable planing for private equity and hedge fund principals.  Her article begins as follows:

While estate planning for private equity and  hedge fund partners remains an important and widely addressed topic, the ascendancy of income tax management, in light of higher income

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