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Congress Adopts Charitable Reforms

A resource of the Evangelical Council for Financial Accountability | posted 11/02/2007
This article provided by the Engstrom Institute

After several years of discussing charitable reform, Congress passed a set of incentives and reforms as part of the "Pension Protection Act of 2006" (H.R. 4). The President signed the bill on August 17, 2006.

One of the key provisions of the legislation is the IRA Charitable Rollover provision for gifts totaling up to $100,000. It was hoped this provision would not have a dollar limit. The bill did not include the so-called nonitemizer charitable deduction. Neither did it include a provision permitting charitable volunteers to exclude from income certain mileage reimbursements provided to them by a charity for volunteer services.

The bill includes reasonable safeguards intended to strengthen the work of charities by deterring potential abuse of tax-exempt organizations and create additional protections to ensure that donated funds are used for charitable purposes.

The IRA rollover provision, as well as other recommendations, was identified by work accomplished in part by ECFA involvement ...

See also:

 accounting, audit, Form 990, IRS, nonprofit, tax code, taxes