Bill would block gifts to donor-advised funds

Legislation allowing donations from IRAs to individual charities will not include donations to donor-advised funds.
NOV 29, 2007
By  Bloomberg
Legislation allowing charitable donations from IRAs to individual charities will not include similar donations to donor-advised funds. That was the indication given by Roger Colinveaux, legislation counsel to the Joint Committee on Taxation, who spoke today at a conference in Washington on tax exempt charitable organizations. Legislation passed by the House of Representatives before Thanksgiving would extend for one year a provision of the Pension Protection Act of 2006 that allows IRA owners to make contributions from their accounts directly to charities without having to report the IRA income first as income for tax purposes, Mr. Colinveaux noted. Some groups have lobbied to expand the provision to include donor-advised funds and charitable supporting organizations as possible recipients of IRA donations. “In order to get something done by the end of the year it’s much easier to move things as a package as they already are in the law,” Mr. Colinveaux said. “It’s much harder to make substantive modifications to provisions and still get them passed.” The Senate has yet to act on extending tax provisions.

Latest News

Just as wealth industry M&A was picking up, economic uncertainty could kill it again
Just as wealth industry M&A was picking up, economic uncertainty could kill it again

Deal volume increased post-election but now caution has taken over.

Want to get the most out of alts? You’ll have to do your homework
Want to get the most out of alts? You’ll have to do your homework

Advisors who expect an edge from alternatives' illiquidity premium – without understanding the underlying terms and explaining them to clients – have a world of learning to do.

'Finfluencer' Ponzi scheme defrauds investors of over $20M
'Finfluencer' Ponzi scheme defrauds investors of over $20M

The social influencer Tyler Bossetti pleaded guilty to wire fraud and aiding in the filing of false tax documents as a result of the real estate scheme, which ran from 2019 to 2023 and used platforms including Facebook and YouTube.

US annuity sales see sixth straight $100B+ quarter
US annuity sales see sixth straight $100B+ quarter

The latest LIMRA data release shows continued growth in RILAs, variable annuities, and FRD products, though researchers argue more education is still needed.

RIA moves: Thiel's Indivisible welcomes Ride Wealth Partners, $4B Beacon snaps up Astor
RIA moves: Thiel's Indivisible welcomes Ride Wealth Partners, $4B Beacon snaps up Astor

Indivisible Partners builds on its strategy to take turf in the independent space with its latest move in Colorado.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave