NACUBO submitted a letter urging IRS to keep the cost of higher education from rising unnecessarily as the agency issued pronouncements to implement three TCJA provisions, namely (1) the increase to UBTI by certain disallowed fringe benefits; (2) the requirement to compute UBTI separately for each trade or business; and (3) the excise tax on executive compensation.

In an April 9 audit report ("Report"), the Treasury Inspector General for Tax Administration determined IRS did not comply with the reporting requirements under the Improper Payments Information Act of 2002 and subsequent legislation. The Report included a response from IRS management, and coincides with recent bills designed to reform IRS operations.

Selling some of zero-basis stock, while contributing other zero-basis stock to CRTs, meets the taxpayers' philanthropic and financial goals.

Gift planners who work for and/or advise charities or donors as counsel need to be aware of the best practices associated with the education, cultivation, negotiation, completion, recognition and stewardship of planned gifts. Best practices assure compliance with legal and ethical standards to serve the interests of both donors and charities. Gift revenue may be increased for charities while tax and other benefits can be maximized for donors at reduced risk of legal or ethical violations. This article explores the most important elements in creating effective gift planning policies and procedures. It shares model policies for types of planned gifts, assets for gifts, documentation, privacy, crediting, valuing, recognition, stewardship, reporting, ethical standards and many other topics.