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Panel recommends Congress tighten charity tax laws

[JURIST] The independent Panel on the Nonprofit Sector [official website] released a report [PDF] Wednesday recommending that Congress require charities to develop stricter policies on the disclosure of financial information by retaining external independent accountants, reveal more details on executive compensation, and complete government information returns. The panel also suggested that Congress request audits of charities reporting annual revenues of $1 million or more and that policies should be developed to regulate travel expenses and whistleblower protection. The panel includes philanthropic leaders who are advising the US Senate Finance Committee [official website], which has already suggested stricter laws [JURIST report] to regulate charities. US Senator Chuck Grassley [official website], chairman of the Senate committee, plans to introduce the widest reforms to charity tax laws [press release] since 1969. Reuters has more.

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