INTERNAL REVENUE SERVICE ISSUES PROPOSED RULE: PROPOSED REMOVAL OF A REPORTING REQUIREMENT FOR TRUSTS WHOSE CHARITABLE CONTRIBUTION DEDUCTIONS ARE SOLELY FOR CONTRIBUTIONS MADE BY PASSTHROUGH ENTITIES

WASHINGTON, Aug. 17 -- Internal Revenue Service has issued a proposed rule called: Proposed Removal of a Reporting Requirement for Trusts Whose Charitable Contribution Deductions Are Solely for Contributions Made by Passthrough Entities.

The proposed rule was published in the Federal Register on Aug. 17 by Frank J. Bisignano, Chief Executive Officer.

Summary: This document contains proposed regulations that would amend existing regulations that require certain trusts to report all charitable contributions and amounts permanently set aside for a charitable purpose on Form 1041-A, U.S. Information Return Trust Accumulation of Charitable Amounts.The proposed regulations would remove the reporting requirement for these trusts with respect to ...