The IRS Trying to Promote Awareness of Cybercrime and Fraudulent Charities Again:

On October 17, the Internal Revenue Service (“IRS”) announced it will join international efforts to fight fraud. This announcement came because of the beginning of Charity Fraud Awareness Week, which lasts from October 17 to October 21.   In the announcement, the IRS stated that according to estimates charitable organizations lose five percent of their […]
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Donations To The Right Organization Can Have Very Beneficial Tax Benefits:

As many people saw, the founder of Patagonia, Yvon Chouinard, and his family gave away the company to fight climate change. The act shocked many because it seemed like something most billionaires don’t do, but most people didn’t realize that they avoided paying a huge amount of taxes for their donation while keeping control of […]
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Charities Are Expected to Suffer if the Carried Interest Provision Does Not Change

Elizabeth McGuigan from the Philanthropy Roundtable stated on July 28, 2022, that the carried interest provision of the reconciliation package before Congress is a big concern for the charitable sector. According to McGuigan, the carried interest provision will lead to income tax on certain charitable donations.   McGuigan believes some charitable donations will now be […]
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