New Foreign Equivalency Determination Regulations

September 28, 2015

The IRS released final regulations under Internal Revenue Code Sections 4942 and 4945 on September 25, 2015, specifically addressing grants by private foundations to foreign organizations. These final regulations are partly favorable to private foundations (by confirming a broadened class of tax practitioners that can give comfort to foundations on the issues involved) but also partly unfavorable (by eliminating a formerly available alternative to written advice of a tax professional – an affidavit of the foreign organization). The regulations became effective immediately upon publication.

Read "New Foreign Equivalency Determination Regulations."