Increased Transparency: Public Reporting of Foreign Grants by Non-Profits.
This law mandates that US tax-exempt organizations (like charities and foundations) publicly disclose detailed information about grants and assistance provided to foreign entities. Citizens will gain greater insight into how much money is sent abroad and to which specific organizations, enhancing transparency in the non-profit sector's international spending. This allows for better public oversight of charitable fund flows.
Key points
Tax-exempt organizations must report the name, address, and total amount of aid given to each foreign recipient in their annual returns.
The report must also specify whether the foreign recipient is recognized as a charity in its home country or meets US tax-exempt criteria.
These new reporting requirements apply to returns filed for taxable years beginning after the law is enacted.
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