Given the current situation in Syria, many of our members are curious to know more about Syrian and Syrian-related organizations. We’ve been listening and are thrilled to announce our partnership with Zakat Foundation of America (ZF), international relief and development organization, NGOsource member, and foremost expert on charitable giving in the Muslim world.
The IRS is alerting international taxpayers and non-resident aliens in the U.S. to a criminal tax scam that seeks to obtain personal information from individuals through a phony version of the Form W-8BEN, Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting. The IRS warns: “The Form W-8BEN is a legitimate U.S.
As previously posted on our blog, the IRS recently issued Notice 2017-73, a “Request for Comments on Application of Excise Taxes With Respect to Donor Advised Funds in Certain Situations.” The IRS Notice primarily summarizes three new regulations that the IRS is proposing to introduce regarding the operation of DAFs by 501(c)(3) sponsoring organizations.
We are thrilled to announce that Kevin Ryan will now assume the role of general manager for NGOsource. Kevin has done a fantastic job as NGOsource's director of operations and is now responsible for all systems, processes, and platforms related to NGOsource. He and the NGOsource operations team provide support and act as the infrastructure that enables NGOsource's legal team to process equivalency determinations with breakneck speed, unmatched depth, and exceptional quality.
As NGOsource embarks on its 5th year anniversary, we are pleased that we have facilitated well over an estimated $1 billion in international philanthropic giving and received our 4,000th ED request! NGOsource continues to support international grantmaking at an exponential rate - it took us three and a half years to hit 2,000 requests, 9 months to reach 3,000, and less than six months to eclipse 4,000 requests. This is all due to the commitment that our grantmaker members have made to NGOsource’s shared repository model and the sector on the whole.
In Notice 2017-73, issued by the IRS on December 4, (the “Notice”), the IRS announced how it expects to address proposed regulations on donor advised funds (“DAFs”). This is not the first time the IRS has issued interim guidance requesting comments on proposed DAF rules. The Notice draws on earlier requests for comment, dating back to 2006 when DAFs were officially introduced to the Internal Revenue Code.
On the eve of our 5th Anniversary, NGOsource would like to wish Sheila Warren, a key contributor to the development, launch and success of our program, all the best as she moves to a unique opportunity creating Blockchain policy at the World Economic Forum’s Center for the Fourth Industrial Revolution. Sheila will continue supporting TechSoup and NGOsource in an advisory role. We want to recognize Sheila’s myriad of contributions to NGOsource as this chapter closes and wish her much success in her new endeavor.
Whether you are a lawyer (or not), if you are involved with international grantmaking, you have likely heard about the new guidance issued by the IRS with respect to foreign public charity equivalency determinations.
NGOsource is here to simplify US-based foundation and DAF international philanthropy and to keep the philanthropic sector informed of trends, changes, and developments in the field. In other words, we are here to read IRS rulings and related guidance and relay the information to you.
Revenue Procedure 2017-53 (Rev. Proc. 2017-53) was issued by the IRS on September 14, 2017. It updates and modifies 1992 IRS guidance (Rev. Proc. 92-94) with respect to foreign public charity equivalency determinations (“EDs”). Similar to the Treasury Regulations issued in late 2015, the new Revenue Procedure largely confirms NGOsource’s current practices in preparing and issuing EDs for grantmakers. In addition, Rev. Proc. 2017-53 suggests several “preferred” practices in issuing EDs.