EO Tax Journal

Some interesting statistics on foundations were released today by the Council on Foundations. 

Foundation Management Survey Reveals Governance and Expenses of Foundation Boards

Findings Inform Efforts to Strengthen Leadership, Mission Continue…

Citizens for Responsibility and Ethics in Washington (CREW) has released an interesting report, reprinted below, that is noted in today’s New York Times, “Wife’s Charity Offers Corporate Tie to a Governor.” The article notes that a foundation set up by the wife of the governor of Louisiana “is among the newest of charities set up by elected officials, including members of Congress, or their families that are mutually beneficial: companies seeking to influence politicians or curry favor can donate unrestricted amounts of money, while the officials benefit from the good will associated with charitable work financed by businesses.”

For an earlier Times’ article on the same topic, see “Congressional Charities Pulling In Corporate Cash,” September 5, 2010, noted in Email Update 2010-125. Continue…

Today I have a transcript of the third panel of the February 4 daylong meeting of the TE/GE area councils. A transcript of the first panel, “Update from the IRS” with Holly Paz, appeared in email update 2011-33, and a transcript of the second panel, “Three Year Revocation, Consequences, Reapplying for Exempt Status” with Matthew Giuliano, appeared in email update 2011-36. These transcripts are giving EO tax practitioners across the country insights into the IRS’ current thinking, so I think we are all indebted to the IRS and the TE/GE area councils for helping make this happen.

The 2010 Form 990

What follows are the February 4 remarks of Steve Clarke, Tax Law Specialist, EO Rulings & Agreements, IRS, as delivered at the TE/GE area councils’ annual meeting. The moderator of the panel is Kathy Pitts of Ernst & Young. Continue…

This week’s interesting private letter ruling is PLR 201108037, reprinted below. I find it interesting even though its outcome is so obvious that one has to wonder why the organization and its Power of Attorney representatives spent $10,000 to get the ruling. That’s one of my questions — why? And if I am correct that it is “so obvious,” why did it take the IRS over two years to rule? Or is that the time it now takes to get a PLR? Continue…