Home      Login

Abstract: 

Two critical advisories: First, some families that made contributions to their family foundations in 2012 may have left an important task still undone. While it’s one that can be easily overlooked, it can still be easily remedied. Virtually all charitable contributions, including any gifts to the donor’s own family foundation, must be appropriately substantiated for tax purposes, and the donor’s deduction may be denied if this is not done in a timely fashion. Second, advisors who have client organizations that are affected by the automatic revocation process under the Pension Protection Act of 2006 should be sure to have those organizations file requests for relief under Notice 2011-43 before the December 31 deadline if they desire to regain their tax-exempt status.

Keywords:  IRS Publication 1771; Notice 2011-43; Notice 2011-44

Affiliations:  .