IRS considers cracking down on $230 billion charitable sector that critics call 'warehousing of wealth'

Retrieved on: 2024-05-09 14:44:03

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Taxation in the United States

Donor-advised fund

National Philanthropic Trust

Charitable organization

Fundraising

Internal Revenue Service

Fidelity Investments

Chicago Community Trust

Lloyd Hitoshi Mayer

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IRS considers cracking down on $230 billion charitable sector that critics call 'warehousing of wealth'. View article details on hiswai:

Summary

The article discusses the IRS's proposed regulations on donor-advised funds (DAFs) and the concerns about potential abuses by ultrawealthy donors for tax benefits. It covers opposition from charity organizations and the philanthropic sector, highlighting the growth in DAFs and potential implications for charitable giving in the United States. Key figures like Lloyd Hitoshi Mayer provide insights on the matter.

Article found on: fortune.com

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