How the CARES Act, as supplemented by the Consolidated Appropriations Act of 2021, Impacts Charitable Giving
Watch the webinar Updated to include important new provisions outlined in the Consolidated Appropriations Act of 2021 in effect as of December 27, 2020. The Consolidated Appropriations Act of 2021 is the sixth COVID-19 related bill enacted by the US Congress, being preceded by the Paycheck Protection Program Flexibility Act of 2020, the Paycheck Protection… CONTINUE READING >>
Latest from FATF: Changes to Recommendation 8
Civil society organizations (CSOs) around the world have recently recorded a victory that could be more than a small step toward regaining access to international funding. Moreover, the 25th of June, 2016, when FATF issued a string of revisions related to the implementation of its recommendations, may even mark – as highlighted by Adam Pickering,… CONTINUE READING >>
Latest from the IRS: Proposed Rule for Gift Substantiation Withdrawn
As of January 2016, the IRS proposal on gift substantiation has been withdrawn. The proposed regulation would’ve resulted in nonprofits collecting, storing and reporting donors’ Social Security numbers. The Substantiation Requirement for Certain Contributions, a voluntary reporting regime proposed by the IRS, has been one of the most recent victims of public outcry. In line… CONTINUE READING >>
Latest from Congress: IRA Charitable Rollover is Now Law
Just in time for your year-end giving, Congress has passed and the President has signed, the Protecting Americans from Tax Hikes (PATH) Act of 2015. The Act has rendered the once temporary and subject to yearly renewal, IRA Charitable Rollover, permanent law. In line with the Act’s “Incentives for Charitable Giving” section, US citizens over… CONTINUE READING >>
Latest from the IRS: New Standards for Equivalency Determination
Effective September 25, 2015, the IRS and the Department of Treasury have published final regulations concerning the practice of Equivalency Determination (ED). The Reliance Standards for Making Good Faith Determinations is welcomed news for grantmakers, as it clarifies the standards to be applied by international grantmakers in the process of making a good faith determination… CONTINUE READING >>
Cross-Border Grant Making by Private Foundations
by JANE PEEBLES, J.D. As the world becomes increasingly globalized, international charitable giving by Americans has been steadily, and dramatically, increasing. Contributions by U.S. individuals and private foundations to fund charitable projects abroad are subject to complex tax rules. However, there are several of alternatives to effectuate international charitable giving while ensuring tax deductions… CONTINUE READING >>
Giving to Mexico? Understanding the Effect of Anti-Money Laundering Laws on Charitable Giving
The Federal Law for the Prevention and Identification of Operations with Illegally Acquired Funds is Mexico’s law regulating anti-money laundering. The law, in effect since September 1, 2013, was largely enacted to protect the national economy of Mexico from the financial losses and illegal activities stemming from money laundering that had been escalating in the… CONTINUE READING >>
Year End Giving
When deciding to make a tax deductible donation, many philanthropists limit their gifts to domestic charitable organizations that are registered as 501(c)(3) non-profit corporations. International giving is an option…Learn more.
Soliciting Tax Deductible Donations in the US: Do I Need to be a 501(c)(3)?
In 2005, philanthropic contributions by individuals reached an all-time high, accounting for 2.4% of disposable income. In the subsequent decade we have seen that number fluctuate due mostly to economic hardship and general financial volatility worldwide. Despite facing many of the same issues that can negatively affect American non-profit organizations, however, foreign charitable organizations have enjoyed a rapid increase in giving over the last decade.