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March 14, 2008 (click to view full text) The House of Representatives passes legislation containing technical corrections to the Pension Protect Act of 2006 - but without technical fix provisions related to the charitable community. Also, information from California on AB 624 and much more. Click here (link to leg update page) for more information February 8, 2008 (click to view full text) California AB 624 receives dual referral in the California State Senate and the President outlines his budget priorities for FY 2009. Click here to learn more. January 25, 2008 (click to view full text) Congress returns from break to work on an economic stimulus package, Sen Sununu named to the Senate Finance Committee, legislation affecting private foundations brewing in California and much more. December 21, 2007 (click to view full text) Click the date above to read about how Congress spent its last few days of the first session of the 110th Congress and how these actions relate to the tax-exempt sector. December 13, 2007 (click to view full text) Several prominent lawmakers announce their retirement - what does this mean for leadership on the tax-writing committees? Also, more from what has been an extremely busy December on Capitol Hill and philanthropy in the news. November 19, 2007 (click to view full text) Update on the AMT/Extenders bill in the House and the Senate, Tax Technical Corrections Bill introduced, Steve Miller from the IRS addresses the TAR annual conference and much more. November 7, 2007 (click to view full text) Update from the House and Senate on tax measures currently under consideration and new "Philanthropy Project" launched with the help of the John Templeton Foundation and the American Film Institute. October 18, 2007 (click to view full text) Update from Capitol Hill on rumblings regarding the IRA Charitable Rollover, House Financial Services Committee hearing rumored to be in the works, and an update on the UBIT blocker issue. October 25, 2007 (click to view full text) Chairman Rangel outlines his $1 trillion tax reform proposal that, according to Chairman Rangel, would result in tax relief for 91 million American families. October 18, 2007 (click to view full text) Update from Capitol Hill on rumblings regarding the IRA Charitable Rollover, House Financial Services Committee hearing rumored to be in the works, and an update on the UBIT blocker issue. September 26, 2007 (click to view full text) Update from Ways and Means Oversight Hearing on Charitable Giving to Diverse Communities and update on UBIT blocker. September 20, 2007 (click to view full text) Update from the House of Representatives, a look ahead at the fall calendar in Congress as well as a view from the Internal Revenue Service. August 9, 2007 (click to view full text) House and Senate introduce technical corrections legislation, update on the Pension Protection Act, and Chairmen Baucus and Rangel announce new chief of staff for the Joint Committee on Taxation. July 26, 2007 (click to view full text) Summary of the Tax-Exempt hearing in the House of Representatives, deadline to submit comments to the PPA extended. July 11, 2007 (click to view full text) New Senate Finance Committee member named, House Ways and Means Subcommittee hearing at the end of July, deadline to submit comments to the PPA extended and UBIT update. June 28, 2007 (click to view full text) Request from House Ways and Means Committee, Senate Philanthropy Caucus to be formed soon, and UBIT update. June 14, 2007 (click to view full text) Update on the UBIT issue in the Senate, IRS's Advisory Committee on Tax-Exempt and Government Entities issues 6th report of recommendations, and House Ways and Means Committee seeking comments on the Pension Protection Act of 2006. June 7, 2007 (click to view full text) Senators Baucus and Grassley submit letter to the Treasury Department calling for increased transparency and accountability, IRS cautions tax practitioners of nonprofit organizations to expect compensation inquiries, and more information on the UBIT proposal and how to get involved. May 31, 2007 (click to view full text) Congress passes Iraq spending bill without any charitable provisions, technical corrections legislation to the Pension Protection Act seems imminent, and Senators Baucus and Grassley send letter to IRS calling for changes for IRS Form 990. May 9, 2007 (click to view full text) The Senate Finance Committee plans to mark up legislation in the near future which would include a provision that would limit the appeal of hedge funds for tax-exempts by imposing the unrelated business tax (UBIT) on tax-exempt entities that invest in hedge funds, even if those funds are off-shore funds. May 2, 2007 (click to view full text) House Ways and Means Oversight Subcommittee plans to hold a hearing this summer which will be a general overview of tax-exempt issues. Also, if you're a member of ACR and are in Washington, DC, please let us know in advance and we're happy to facilitate meetings with key policymakers in Congress. April 25, 2007 (click to view full text) Congress begins to consider technical corrections to the Pension Protection Act of 2006. If your foundation has a story you want considered for the "Good Works" production, please submit. April 18, 2007 (click to view full text) Comments to the IRS on Notice 2007-21 were submitted from several groups including The Philanthropy Roundtable and the Council on Foundations. IRS Commissioner Everson announces his plan to join the American Red Cross as President and CEO. The Senate Finance Committee holds a hearing on the "tax gap". April 3, 2007 (click to view full text) IRS seeking comments for a study they are preparing entitled “Donor-Advised Funds and Supporting Organizations”. Question Four focuses on payout requirements, including for foundations. Question Five focuses on perpetuity, including for foundations. Comments are due by April 9th. March 21st, 2007 (click to view full text) In the wake of the IRS’s issuance of their “Dirty Dozen” tax scams report, Senators Baucus and Grassley each sent letters to the IRS asking which scams deserve the Senate Finance Committee’s attention. Also, a new philanthropy caucus has been formed under the leadership of Rep. Robin Hayes (R-NC) to develop a cohesive policy platform for the charitable community. The NonProfit Panel of the Independent Sector is seeking comments, due by March 31st on its second draft principles on self-regulation. March 8, 2007 (click to view full text) The IRS Exempt Organizations Office Technical Guidance and Quality Assurance Group issues a report on compensation of executives of tax-exempt entities. March 7, 2007 (click to view full text) While House Ways and Means Committee Chairman Charles Rangel (D-NY) declares that tax-exempt entities are “off the table” as a source of potential revenue and Senate Finance Committee Chairman Max Baucus (D-MT) indicates his intent to work with the charitable community for guidance on K-12 health and education, IRS Commissioner Everson lists the charitable community (mainly the misuse of Donor-Advised Funds) as #10 on his list of the top dozen tax scams. Febuary 14, 2007 (click to view full text) IRS Commissioner Everson names charities and other tax-exempt entities as one of his two top priorities for this year. February 10, 2007 (click to view full text) Senate passes limits on deferred compensation in new business tax bill; House unlikely to go along with the Senate. Also, President Bush unveils budget recommendations for FY 2008. January 24, 2007 (click to view full text) Senate Finance Committee takes up executive compensation issue in business tax and minimum wage bill. Non-Profit Panel of the Independent Sector seeks input from charitable community on its Draft Principles for Self-Regulation. December 2006 (click to view full text) Congress adjourns; House Speaker-designate Pelosi announces new House Ways and Means members. November 2006 (click to view full text) Power shifts hands to Democrats; Senate Majority Leader Harry Reid announces Senate leadership. New faces on both the Senate Finance Committee and House Ways and Means Committee after the election. Election 2006 (click to view full text) What the Election means for ACR; Lame Duck session holds little in store for the remainder of 2006. Changing priorities for House Ways and Means and the Senate Finance Committee. August 2006 (click to view full text) President Bush signs Pension Protection Act of 2006, including charitable incentives and reforms. July 2006 (click to view full text) ACR fends off legislation in Senate Finance Committee to increase excise taxes on private foundations. Look out for “trailer” tax bill that could contain other charitable provisions. |
