#advised — Public Fediverse posts on home.social

The Internal Revenue Service(IRS) recently held hearings to address the regulation of #donor-#advised #funds (DAFs) amidst growing concern for how the funds are used, the Chronicle of Philanthropy reports.
The IRS is proposing changes to how the federal agency interprets the 2006 federal law governing DAFs.
For example, updated rules might include broadening the definition of a DAF to apply to a wider range of accounts;
making personal investment advisers, who help manage DAF asset, subject to DAF rules;
imposing excise taxes on DAF donations that provide significant benefit to the donor; and creating penalties for those who misuse DAFs.

In recent years, DAF assets have grown collectively to nearly $230 billion held in almost two million accounts. Even as overall charitable giving declined by 2.4 percent in 2022, distributions from DAFs increased by more than 5 percent.

“There are abuses out there and there’s money going places it probably shouldn’t,” said University of Notre Damelaw professor Lloyd Hitoshi Mayer.

“The warehousing of wealth that people have gotten deductions today for and actually aren’t helping people for who knows how long into the future…is a really big issue

The Chronicle noted that the IRS proposals do not address the changes outlined in the Accelerating Charitable Efforts Act (ACE Act), which would create baseline asset distributions and require the reporting of donor names. First proposed in 2021, the ACE Act and similar calls for reform are championed by DAF critics such the group Donor Revolt for Charity Reform, as well as philanthropist John Arnold.

https://philanthropynewsdigest.org/news/irs-is-considering-changes-to-rules-governing-donor-advised-funds

#donor #advised #funds

Susan Larson ♀️🏳️‍🌈🏳️‍⚧️🌈 @[email protected] · 2023-12-15 · 18:47 UTC

#Liberals seek #ouster from #Wisconsin #judicialethicspanel of #Trump #lawyer who #advised #fakeelectors as part of former #president Trump's #scheme to remain in #office despite #losing the 2020 #election.

#JimTroupis, a former #judge, was deeply involved in #Trump’s #efforts to #overturn #Wisconsin’s 2020 #election #results

#Women #Transgender #LGBTQ #LGBTQIA #Wisconsin #Conservatives #Extremism #Fascism #RepublicanParty #ThePartyOfHate

https://apnews.com/article/wisconsin-fake-electors-jim-troupis-donald-trump-b57154187d615c6911fbc90744b7571f

#liberals #ouster #wisconsin #judicialethicspanel #trump #lawyer

PSiReN-X :verified_flashing: @[email protected] · 2023-10-12 · 14:17 UTC

#IToldYou; #IT's #DefinitelyNotNews; but...

They're #DefinitelyNot #TakingTheHobbitsToIsengard... #NotAnymore...

But #BaconSammidges; they're #SuperAwesome...

[#Viewers are #Advised / #Reminded that the #Following #Performance contains #ExcessiveParody; #MenWithBeards; an #Accordian, and #TriggerWarningsThroughout]

🧙⚔️🤖🐺🤖⚔️🧙 | 🥓🥚🥪🦄🥪🥚🥓

#TheDreadCrewOfOddwood: They're Taking the Hobbits to Isengard

https://www.youtube.com/watch?v=kJGGlVg5PpY

#itoldyou #it #definitelynotnews #definitelynot #takingthehobbitstoisengard #notanymore

Chuck Darwin @[email protected] · 2023-05-07 · 02:02 UTC

How Does Leonard Leo Hide All His Right-Wing Dark Money? Here's One Way

Newly released tax filings by #Schwab #Charitable—one of the nation's largest sponsors of what are called #donor-#advised #funds—offers another major piece of information on how this "#dark #money" moves.

Conservative legal activist #Leonard #Leo has gotten a lot of attention for his work to reshape the U.S. judicial system.

Ever since the summer, when he landed the biggest political advocacy donation in U.S. history, Leo has featured in story after story on the ways in which secretive funding from ultra-wealthy donors has shaped the courts and public policy.

With newly released tax filings from Schwab Charitable — one of the nation’s largest sponsors of what are called #donor-#advised #funds — we have another major piece of information on how this “#dark #money” moves.

During its most recently reported fiscal year (July 2021 to June 2022), Schwab made an enormous grant of $141.5 million to the #85 #Fund, a key part of Leo’s burgeoning empire, formerly known as the #Judicial #Education #Project. The 85 Fund is a 501(c)(3) public charity.

Unlike private foundations, donor-advised funds (#DAFs) are not independent organizations that need to report their activities to the IRS and make those reports available to the public.

Instead, they’re accounts set up under a “sponsor” — in this case Schwab Charitable — a public charity that can house hundreds or even thousands of funds.

And while those sponsors need to file annual reports with the IRS, they do not have to report which of those DAFs make which grants.

That makes them ideal vehicles to #conceal who the actual #donors are behind sources of funding: if a private foundation made a similar grant it would show up on that foundation’s IRS filings attributed to the foundation, whose directors, officers, and finances are far more transparent.

https://inequality.org/great-divide/dark-money-daf-judicial-activist/

(see ProPublica’s “How a Secretive Billionaire Handed His Fortune to the Architect of the Right-Wing Takeover of the Courts”)

#schwab #charitable #donor #advised #funds #dark

PSiReN-X :verified_flashing: @[email protected] · 2023-10-12 · 14:17 UTC

#IToldYou; #IT's #DefinitelyNotNews; but...

They're #DefinitelyNot #TakingTheHobbitsToIsengard... #NotAnymore...

But #BaconSammidges; they're #SuperAwesome™️...

[#Viewers are #Advised / #Reminded that the #Following #Performance contains #ExcessiveParody; #MenWithBeards; an #Accordion, and #TriggerWarningsThroughout]

🧙⚔️🤖🐺🤖⚔️🧙 | 🥓🥚🥪🦄🥪🥚🥓

#TheDreadCrewOfOddwood: They're Taking the Hobbits to Isengard

https://www.youtube.com/watch?v=kJGGlVg5PpY

#accordion #itoldyou #it #definitelynotnews #definitelynot #takingthehobbitstoisengard

Susan Larson ♀️🏳️‍🌈🏳️‍⚧️🌈 @[email protected] · 2023-12-15 · 18:47 UTC

#Liberals seek #ouster from #Wisconsin #judicialethicspanel of #Trump #lawyer who #advised #fakeelectors as part of former #president Trump's #scheme to remain in #office despite #losing the 2020 #election.

#JimTroupis, a former #judge, was deeply involved in #Trump’s #efforts to #overturn #Wisconsin’s 2020 #election #results

#Women #Transgender #LGBTQ #LGBTQIA #Wisconsin #Conservatives #Extremism #Fascism #RepublicanParty #ThePartyOfHate

https://apnews.com/article/wisconsin-fake-electors-jim-troupis-donald-trump-b57154187d615c6911fbc90744b7571f

#liberals #ouster #wisconsin #judicialethicspanel #trump #lawyer

Susan Larson ♀️🏳️‍🌈🏳️‍⚧️🌈 @[email protected] · 2023-12-15 · 18:47 UTC

#Liberals seek #ouster from #Wisconsin #judicialethicspanel of #Trump #lawyer who #advised #fakeelectors as part of former #president Trump's #scheme to remain in #office despite #losing the 2020 #election.

#JimTroupis, a former #judge, was deeply involved in #Trump’s #efforts to #overturn #Wisconsin’s 2020 #election #results

#Women #Transgender #LGBTQ #LGBTQIA #Wisconsin #Conservatives #Extremism #Fascism #RepublicanParty #ThePartyOfHate

https://apnews.com/article/wisconsin-fake-electors-jim-troupis-donald-trump-b57154187d615c6911fbc90744b7571f

#liberals #ouster #wisconsin #judicialethicspanel #trump #lawyer

Susan Larson ♀️🏳️‍🌈🏳️‍⚧️🌈 @[email protected] · 2023-12-15 · 18:47 UTC

#Liberals seek #ouster from #Wisconsin #judicialethicspanel of #Trump #lawyer who #advised #fakeelectors as part of former #president Trump's #scheme to remain in #office despite #losing the 2020 #election.

#JimTroupis, a former #judge, was deeply involved in #Trump’s #efforts to #overturn #Wisconsin’s 2020 #election #results

#Women #Transgender #LGBTQ #LGBTQIA #Wisconsin #Conservatives #Extremism #Fascism #RepublicanParty #ThePartyOfHate

https://apnews.com/article/wisconsin-fake-electors-jim-troupis-donald-trump-b57154187d615c6911fbc90744b7571f

#thepartyofhate #republicanparty #fascism #extremism #conservatives #lgbtqia

Susan Larson ♀️🏳️‍🌈🏳️‍⚧️🌈 @[email protected] · 2023-12-15 · 18:47 UTC

#Liberals seek #ouster from #Wisconsin #judicialethicspanel of #Trump #lawyer who #advised #fakeelectors as part of former #president Trump's #scheme to remain in #office despite #losing the 2020 #election.

#JimTroupis, a former #judge, was deeply involved in #Trump’s #efforts to #overturn #Wisconsin’s 2020 #election #results

#Women #Transgender #LGBTQ #LGBTQIA #Wisconsin #Conservatives #Extremism #Fascism #RepublicanParty #ThePartyOfHate

https://apnews.com/article/wisconsin-fake-electors-jim-troupis-donald-trump-b57154187d615c6911fbc90744b7571f

#liberals #ouster #wisconsin #judicialethicspanel #trump #lawyer