In Information Release 2020-23, the IRS discusses, among other things, the impact of provisions enacted as part of the Taxpayer Certainty and Disaster Relief Act may have on private foundations. The new law has reduced the 2% excise tax on net investment income of private foundations to 1.39%. At the same time, the legislation repealed the 1% special rate that applied if the private foundation met certain distribution requirements. These changes are effective beginning after Dec. 20, 2019. Read the full release here: https://bit.ly/39vRdhn