In a recent newsletter, CCH, a tax services conglomerate, highlighted a decision by the Tax Court that the California-based Foundation of Human Understanding is not a religious organization "because its associational activities were incidental to its primary functions of writing,...
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On May 17, 2010, the IRS began revoking tax-exempt status from nonprofits that failed to file three consecutive annual returns (Form 990-N, 990-EZ, 990, or 990-PF). As a result, as many as 300,000 nonprofits may lose their tax-exempt status, effectively...
The Jewish Federation of Greater Washington has highlighted a new offering from the IRS: the agency is providing temporary relief to allow small tax-exempt organizations to come back into compliance and retain their tax-exempt status even though they failed to file for three consecutive...
The IRS has recently ruled that a Charitable Remainder Trust under IRC 664 may be divided into two Charitable Remainder Trusts without either trust being disqualified as such.See IRS Rules on Division of Trust, 2010 TNT 142-48 (April 14, 2010).Posted...
Continue reading "IRS Allows Charitable Remainder Trust to be Split"
Robert Frank who writes The Wealth Report for The Wall Street Journal has published a post about Pablo Eisenberg, senior fellow at the Georgetown Public Policy Institute, whose recent essay argues that rather than helping the poor, the Buffet-Gates Pledge...
Continue reading "Pablo Eisenberg: Will Buffett-Gates Pledge Really Help the Poor?"
The Internal Revenue Service announced the opening of a special telephone line for taxpayers affected by the Gulf oil spill. Individuals who have questions about the BP payments or who are experiencing filing or payment hardships because of the oil...
Continue reading "IRS Opens Dedicated Phone Line for Gulf Oil Spill Victims "
Forbes has published an article titled "Using Life Insurance to Make Charitable Donations." The article discusses the benefits of using insurance policies when making charitable donations and examines the different methods available as well as the advantages of each.Posted by...
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The Internal Revenue Service is providing guidance to individuals and businesses affected by the oil spill in the Gulf of Mexico and has announced a number of new efforts to help affected taxpayers, including a special Gulf Coast Assistance Day...
Continue reading "IRS Provides Tax Help, Guidance to Gulf Oil Spill Victims "
The Planned Giving Design Center has released a message detailing a recent, private ruling by the Internal Revenue Service that, according to the Center, declares: "that a public charity's receipt of commissions in connection with a real estate leasing activity will not be...
Continue reading "Brokerage Commissions Not Unrelated Business Income Says IRS"
The Internal Revenue Service has released Publication 544, Sales and Other Dispositions of Assets for use in preparing 2009 tax returns. In an online announcement, the Planned Giving Design Center, said that Publication 544 includes a "discussion of gain from bargain sales"...
The Planned Giving Design Center has released the following message detailing recent developments in an ongoing ethics scandal: The United States has asked a federal court to permanently bar Philip A. Kaiser, a St. Louis tax lawyer, from promoting several allegedly...
Continue reading "U.S. Sues Missouri Lawyer to Halt Alleged Tax-Fraud Schemes"
When preparing to file your federal tax return, don't forget your contributions to charitable organizations. If you made qualified donations last year, you may be able to take a tax deduction if you itemize on IRS Form 1040, Schedule A....
Continue reading "Tax Tip 2010-60: Ten Tips for Deducting Charitable Contributions "
Robert Greenstein, Executive Director, Center on Budget Policy and Priorities, delivered testimony before the House Ways and Means Select Revenue Measures Subcommittee. The testimony addressed three points: While current budget deficits are not themselves a problem -- large deficits...
Every year, millions of taxpayers donate money to charitable organizations. Tax Tip 2010-59 provides six facts you should know about the tax treatment of tax-exempt organizations. 1. Annual returns are made available to the public. Exempt organizations generally must make their annual returns...
Continue reading "Tax Tip 2010-59: Six Important Facts about Tax-Exempt Organizations "
The IRS has made the following announcement: Notice 2010-26 designates the Chile earthquake occurring in February 2010 as a qualified disaster for purposes of § 139 of the Internal Revenue Code in the affected areas of Chile. The designation enables...