IRS Releases Long-Awaited Guidance on Charitable Giving Tool (1)

Individuals who put money into donor-advised funds now have more direction from the IRS, after years of waiting.

The proposed rules (REG-142338-07, RIN 1545-BI33), released Monday, relate to excise taxes on taxable distributions made by a sponsoring organization from a donor-advised fund, or DAF, and on the agreement of certain fund managers to the making of such distributions.

The guidance offers clarity on additional definitions of terms, how to determine if a fund can be identified as a separate entity, and how to establish if a donor has advisory privileges, among other issues. It also addresses comments from ...