Article
2023 private foundation tax planning guide
Nov. 14, 2023 · Authored by Maggie Elliott, Wendy Campos, Sam Maslin
Private foundations need to plan for the future to navigate changing regulations and fluctuating markets. Throughout 2023, the industry shifted its focus from the COVID-19 pandemic to economic and political climates, bringing challenges and opportunities for foundations and their grantees. While inflation increased, the labor market remained strong, but the stock market had it lowest annual returns in nearly 15 years.
Overview of topics
Private foundations should implement year-end tax strategies to prepare for 2024. Learn more about the following 2023 trends in the corresponding sections:
- Electronic filing
- IRS priorities and accomplishments
- Initiative to accelerate charitable giving
- Disaster relief assistance
- Inflation Reduction Act
- Secure ACT 2.0 changes to 403(b) plans
- Legacy IRA act
- Flat tax rate
- Minimum distribution requirement
- Excess distributions
- Capital gains and losses
- Privately held stock and highly appreciated property
- Alternative investments
- Unrelated business taxable income
- Net operating losses (NOLs)
Related sections
2022 private foundation tax planning guide
The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity. In specific circumstances, the services of a professional should be sought. Tax information, if any, contained in this communication was not intended or written to be used by any person for the purpose of avoiding penalties, nor should such information be construed as an opinion upon which any person may rely. The intended recipients of this communication and any attachments are not subject to any limitation on the disclosure of the tax treatment or tax structure of any transaction or matter that is the subject of this communication and any attachments.