Service Extends DAF Proposed Regulation Comment Period

From Bloomberg Tax, yesterday:

The IRS will give the public an extra month to comment on proposed rules for individuals who put money into donor-advised funds. The window to submit comments was extended from Jan. 16 to Feb.15, the IRS said in a notice of proposed rulemaking Monday. The proposed rules [RIN 1545–BI33] relate to excise taxes on taxable distributions made by a sponsoring organization from a donor-advised fund. Donor-advised funds, or DAFs, are giving accounts that are maintained and operated by a 501(c)(3) organization.

•  The rules expand on interim IRS notices and further define key 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.
•  Donor advised funds have become increasingly popular for their tax benefits and flexibility.
•  The proposed rules were released on Nov. 13, 2023

By the way, The TEGE Exempt Organizations Council has its Annual Exempt Organizations Update and Meeting March 7-8, in cooperation with the DC Bar and the Greater Washington Society of CPAs.  The two day event includes a Wednesday afternoon session that will look at the proposed regulations as well as the comments submitted.