As an advisor to private foundations, I have seen them run afoul of the Internal Revenue Service time and again. Many of the missteps are inadvertent, but the penalties are no less severe. At the extreme, violations can lead to foundations losing their not-for-profit status. Sanctions also can take the form of additional excise taxes, as much as 200 percent of the amount in dispute.
ARTICLE ACCESS REQUIRED
Please Log in if you are currently a Trust&Estates subscriber, or select DAYPASS for our new 24 hour access (nominal fee required).
If you are interested in unlimited article access for one year, please select Annual Subscription below.