IRS admits targeting conservative groups (13 May 2013)
IRS Exempt Organizations Division Director Lois Lerner apologized before a convening of the American Bar Association on behalf of the agency’s “absolutely wrong and inappropriate” actions in pursuing predominately tea party-affiliated organizations applying for 501(c)(4) status between 2010 and 2012. Accusations of IRS discrimination erupted last year, with the IRS denying the charges until now. In a statement, Lerner explained the alleged overstep as a function of poor planning in the face of an unexpected increase in the volume of 501(c)(4) applications, rather than an intentional policy of discrimination. House Ways and Means Committee Chairman Dave Camp (R-MI) announced the committee will hold a hearing on the issue in the near future.
Lawmakers seek public comment on tax reform via website (10 May 2013)
Senate Finance Committee Chairman Max Baucus (D-MT) and House Ways and Means Committee Chairman Dave Camp (R-MI), announced the launch of a new website yesterday to solicit input from the American public regarding tax reform. The website, TaxReform.gov, asks users to share their stories and ideas with the chairmen, both of whom have made comprehensive tax reform a priority in their final terms as leaders of the tax-writing committees. Baucus announced his retirement from Congress in April; Camp is term-limited in his post as chairman under House Republican Conference rules. Operating in tandem with the website is a Twitter handle, @simplertaxes, with the account name listed as “Max & Dave."
Independent Sector submits comments to working group (15 April 2013)
Independent Sector submitted comments to the House Ways and Means Committee tax reform working group on Charitable and Exempt Organizations April 15, 2013. Read the comments here.
President releases FY 2014 budget proposal (10 April 2013)
President Obama has released his fiscal year 2014 budget proposal to Congress. The $3.77 trillion budget plan includes a mixture of revenue increases and spending cuts, as well as investments in education, job creation, and infrastructure. The budget would replace the $1.2 trillion in automatic sequestration spending cuts with $1.8 trillion in alternative deficit reduction. As part of this deficit reduction plan, for the fifth consecutive year, the budget proposes capping itemized deductions, including the charitable deduction, on income above $250,000 for joint-filing taxpayers. The budget also proposes implementing the so-called Buffett Rule and would return the federal estate tax to 2009 levels. Learn more.
Senate passes FY 2014 budget resolution (23 March 2013)
The Senate has passed its FY 2014 budget resolution. The budget blueprint, which includes over $900 billion in new revenue from reducing or eliminating tax breaks for wealthy Americans and large corporations, would reduce the deficit by $1.85 billion over ten years. Learn more.
House Budget passes FY 2014 budget resolution (21 March 2013)
The House has passed its fiscal year 2014 budget resolution. The measure outlines a plan to reduce the deficit by $4.6 trillion over the next ten years in part by extending the discretionary spending caps set by the Budget Control Act of 2011 for two additional years, leaving the sequester's $1.2 trillion in deficit savings in place, repealing the Affordable Care Act, and implementing other reforms. Learn more.
Ways and Means Committee holds hearing on charitable giving (14 February 2013)
Diana Aviv, president and CEO of Independent Sector, and several leaders of IS member organizations joined more than 40 nonprofit and philanthropic leaders to testify February 14 about the importance of the charitable deduction. More on the charitable deduction | Read Diana Aviv's written testimony