IRS on the Lookout for Charitable Abuses
Author: Staff Editors.
Source: Volume 03, Number 03, March/April 2004 , pp.10-10(1)
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Abstract:
The IRS recently released its Exempt Organizations Workplan for 2004. This lengthy document, entitled “FY 2004 Implementing Guidelines,” includes plans to watch for several types of arrangements whereby taxpayers try to derive charitable deductions from arrangements that are not really charitable. The Guidelines don’t suggest any major changes for private foundations, although some related areas may have some impact. One welcome item on the list of 2004 projects is a plan to revise and update IRS Publication 578, Tax Information for Private Foundations and Foundation Managers; this publication presentsa readable and useful guide to the tax rules governing foundations.Keywords:
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