Foundations: IRS Launches Review Project
About a decade ago, the Internal Revenue Service launched an initiative targeting “high net worth families.” This project was designed to look well beyond just the individual 1040s of the nation’s very wealthy to their related entities including private foundations. It “lasted a little while and then fizzled out a few years later,” according to law professor Phil Hackney who was in the IRS Chief Counsel’s Office at the time. This push apparently ended “……