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...
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...
While William Shakespeare and the IRS may not appear to have much in common, delayed timing resulted in a lost charitable income tax deduction and a hefty capital gains tax...
The team at the Community Foundation for Southeast Michigan fields questions from attorneys, accountants, and financial advisors about diversity, equity and inclusion issues related specifically to philanthropy. We appreciate your...
You and other attorneys, accountants, and financial advisors who work with charitably-inclined individuals and families are familiar with the basics of donor-advised funds and private foundations. Still, it can be...
The New Hampshire Supreme Court recently ruled that Dartmouth College can repurpose money a deceased alumnus left for the sole purpose of maintaining the school’s golf course to support other...
In June, the IRS denied a professional organization tax-exempt status under Section 501(c)(3) in Letter 4034. The organization was dedicated to educating estate planning professionals and promoting cooperation among businesses...
On Dec. 23, Congress passed the Consolidated Appropriations Act of 2023, which includes a package of retirement reform bills including the long-awaited SECURE 2.0 Act. SECURE 2.0 provides something for every...
A growing number of philanthropists and their advisors are using charitable funds as a complement or alternative to private foundations. Private foundations may consider transferring their foundation’s assets to such...
The Community Foundation for Southeast Michigan hosted an Agency Endowment 101 webinar to define what endowment is, detail how the Foundation invests and administers endowment funds, and illustrate how our...