The Hill published an article by Nonprofit Tax Leader Frank Smith about the misunderstood world of private foundation tax rules.
By Frank Smith, National Leader, Nonprofit Tax
Even those with the best intentions can get in trouble. Those with not-so-good intentions can really get in trouble. These organizations are open to public scrutiny, and their assets are considered public funds under the jurisdiction of the attorneys general. The battle between New York’s attorney general and the Trump Foundation is the most recent example.