FILE - A sign outside the Internal Revenue Service building is seen, May 4, 2021, in Washington. This week, the Internal Revenue Service held a public hearing to discuss plans to regulate DAFs. –
The IRS proposal comes amid mounting concerns about money piling up in DAFs, with some calling for tighter regulations. Nearlyhas been stashed into DAFs, which have surpassed private foundations in popularity among a new generation of donors. There are nowaccounts, nearly double the number that existed in 2018, according to the National Philanthropic Trust, a leading sponsor of the funds, which also publishes an annual report on their growth.
“In our estimation, the proposed regulations, if implemented, would lead to fewer dollars swiftly reaching nonprofits we care about, and we respectfully ask the Department of Treasury to reconsider its approach,” added Andrea Sáenz, CEO of Chicago Community Trust, one of the nation’s largest community foundations. The IRS is part of the Treasury Department.
To the dismay of DAF critics, the IRS proposal doesn’t touch on whether donors should be required to pay out of their funds within a certain time frame to receive immediate tax breaks.
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