Monday, November 06, 2006

The tax man cometh and we are...confused

This past August, Congress passed and the President signed the "Pension Protection Act of 2006" which, as its name clearly implies, included a number of changes to federal law related to...charitable contributions and certain types of charitable foundation! One of those sausages from our lawmaking mill, like when a defense-budget bill turns out to include amendments authorizing new studies of wombat psychology...anyway if your work has anything to do even tangentially with donor-advised funds or supporting organizations you'll want to be informed about the law.

However that won't necessarily be easy, the Council on Foundations says the thing is a mess: "The provisions in the PPA have varying effective dates....Many of these provisions [some of which are now already the law of the land as I type this] are ambiguous and cannot be applied absent regulatory or other IRS interpretation..." Full gory details are available here.

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