By Casey Hale on 10/24/2012 8:37 AM


BNA reports (subscription required) that the IRS will not move forward with any church audits for the time being.  Even through the IRS has been bombarded with complaints about churches becoming actively involved in election activities, an IRS representative announced that it has been unable to respond for lack of clear guidance and, therefore, is suspending church audits until the rules regarding church audits are finalized.

By Casey Hale on 10/10/2012 10:13 AM
The IRS recently released new proposed Treasury Regulations designed to ease the burden on private foundations engaged in international grant making. When making a grant to a foreign organization, the current Treasury Regulations require a private foundation to make a determination that the recipient organization is the equivalent of a U.S. 501(c)(3) organization or else exercise expenditure responsibility over the donated funds. To put it simply, every private foundation engaged in international philanthropic efforts must make an equivalency determination or exercise expenditure responsibility. An equivalency determination is an time-intensive and often cost-prohibitive process. But there is a benefit to the process. After making an equivalency determination with regard to a foreign organization, a private foundation can generally make grants to that foreign organization on the same terms as a U.S. 501(c)(3) organization. That means that there are no mandatory periodic grant reports required from the foreign...