FILE - A sign outside the Internal Revenue Service building is seen, May 4, 2021, in Washington. WASHINGTON — Congress and the Biden administration are considering what, if anything, should be done to tighten restrictions on donor-advised funds, an increasingly popular way for donors to set aside money to spend on charitable causes.
DAF supporters urged the IRS to revise its plan, with some arguing that the proposed restrictions would make donor-advised funds less attractive when charitable giving is. The proposed regulations are just a start; they don’t really touch on the third-rail issue of whether to require payout to nonprofits on a timeline.
Applying new restrictions and “compliance burden” on donors and DAF-sponsoring organizations could cause a further decline in charitable giving, warned Lisa Chmiola, who spoke on behalf of the Association of Fundraising Professionals. Charitable giving dropped 3.4% in 2022 to $499.3 billion. But Fidelity Charitable’s DAF distributions went up more than 5% in 2023 to $11.8 billion.
The language should be stricken from the proposal, said Kevin Carroll, deputy general counsel at the Securities Industry and Financial Markets Association, which represents investment banks and asset managers.
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