Sunsetting Tax Cuts and Jobs Act
Due to a sunset provision built into the TCJA, unless Congress intervenes, the federal exemption from transfer taxation (currently $13.61 million per person) is scheduled to decrease to approximately $7...
Information and Resources for Donors and Professional Advisors
Apr 19th 2024
The 2024 National Study on Donor Advised Funds
The Donor Advised Fund Research Collaborative (DAFRC) has released the 2024 National Study on Donor Advised Funds. This is the largest independent study on donor advised funds to-date. 111 DAF...
Apr 19th 2024
Proposed Regulations: Taxes on Taxable Distributions from Donor Advised Funds (IRC §4966)
On February 29, 2024, the Department of Treasury issued a notice of a public hearing on the Proposed Regulations which will be held on May 6, 2024, at the IRS....
Feb 29th 2024
EPIC Omnibus Legislation Enacted with Sweeping EPIC Amendments
The EPIC Omnibus bill was signed into law on February 21, 2024, and takes immediate effect. 2024 PA 1. The new law, put forward by the Probate and Estate Planning Section...
Feb 21st 2024
IRS Proposed Regulations
Taxes on Taxable Distributions from Donor Advised Funds (IRC §4966) The IRS released the first installment of proposed regulations in November of 2023 providing guidance on certain tax rules applying...
Dec 18th 2023
Cryptocurrency Update
The Senate Finance Committee released a request for information over the summer asking the public for its thoughts on a variety of topics surrounding digital assets and how things such...
Sep 30th 2023
End-of-Year Bipartisan Tax Package
Last week, House GOP Ways and Means Committee Chair Jason Smith (R-Mo.) conveyed his optimism on the prospect of a year-end tax package. Richard Neal (D-Mass.) suggested the impeachment inquiry...
Sep 20th 2023
Michigan Charitable Tax Credit (Senate Bills 0127, 0128)
The Michigan State Legislature introduced the Michigan Charitable Tax Credit in early March. If reinstated, it would incentivize families of all income levels to give charitable donations to endowed funds...
Sep 6th 2023
Tax-Exempt Organizations and Political Activities
House Republicans have recently requested information on how tax-exempt organizations may be engaging in political activities. This may indicate a broader congressional probe and perhaps long-awaited updated IRS guidance on...
Aug 14th 2023
Senators Push IRS for Formal Guidance on NIL Tax-Exempt Status
In a recent letter to the IRS, Senators John Thune (R-S.D.) and Ben Cardin (D-Md.), who introduced the Athlete Opportunity and Taxpayer Integrity Act last year, want formal guidance that...
Jul 31st 2023