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When the U.S. Treasury Department released its Greenbook for fiscal year 2024, we knew there was no one better to ask than our own Chief Legal Officer Jeffrey Haskell to get his expert take on the pending tax proposals—and the impact they may have on private foundations and donor-advised funds (DAFs). To help you prepare for questions that your charitable clients may be asking, we discussed the two suggested changes to private foundation payout rules that could have far-reaching effects on how foundations pursue their missions and distribute charitable funding:

  • Private foundation to DAF transfers would no longer be considered qualifying distributions unless the transferred funds were expended by the end of the following taxable year.
  • Private foundations would no longer be permitted to count the payment of compensation to, or reimbursement of the administrative expenses for, certain disqualified persons towards meeting their annual payout requirement.

For a quick summary of the two proposals, click here.

ICYMI: 4 Tax Benefits of a Private Foundation
These top tax benefits of a private foundation can serve as a helpful primer for your conversations with clients who show a strong interest in charitable giving.

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