A new IRS rule requires nonprofit organizations to disclose how much of their donors’ money they give to charity.
Charitable contributions from U of S. employees are exempt from tax as long as they don’t exceed $50,000 a year.
However, a tax exemption from U,S.
taxes on charitable donations from foreign nationals could be affected by new rules, the Treasury Department announced on Tuesday.
The IRS has proposed a new rule for charities to disclose whether or not the organization has received any U.s. tax refunds.
The rules are expected to be finalized by the end of the year.
In response, more than 1,000 charities are urging Congress to adopt a bill that would require nonprofit organizations with U.,S.-based officers to disclose the amount of donations to their U. S. officers.
The bill, the Charitable Contributions Disclosure Act of 2017, would require charities to report the amount that donors to a U. s. charity have given to the charity.
The new rules would also apply to organizations with non-U.S.-owned officers.
“The IRS guidance was not designed to be comprehensive.
Instead, it is intended to help charities better identify potential conflicts of interest and to provide transparency for U. of S.-based charitable organizations,” the nonprofit group Americans for Tax Fairness said in a statement.
“The new IRS guidance is not meant to solve all of our charitable giving problems.
But it will help make it easier for U of s-based charities to better navigate the IRS’s rules.”
In addition to the new IRS guidelines, the IRS issued guidance in May to charities on how to comply with the new rules.