Charities Make Pitch to Narrow IRS Donor-Advised Fund Proposals

Nonprofit and Tax-Exempt Organizations attorney Andrew Grumet was quoted in a Bloomberg Law article recapping feedback on the IRS' proposed regulations regarding donor-advised funds (DAFs). DAFs allow people to make a donation and immediately receive a tax exemption for their gift. Industry groups such as the American Institute of Certified Public Accountants (AICPA) and American College of Trust and Estate Counsel (ACTEC) contend the proposed rules are too broad and unfairly target personal investment advisers. Mr. Grumet, who advises nonprofits around the globe, agreed with the criticism.

"The rules as they're written just don't really make sense in how charities actually operate," he said.

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