If you are in the holiday spirit then it is advisable, from a tax perspective, to give now rather than later. The current gift tax deduction may be in danger of being reduced to 28% next year under a proposal...
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As the year comes to a close, there are many tax issues that have been left unresolved. These uncertainties are causing concerns for businesses and are likely going to be revisited in 2012. Among the issues are: cost-basis, loss carryover,...
In light of the congressional supercommittee's failure to resolve the debt concerns, the issue of what the future tax rates will be is left in limbo. In light of this predicament, Laura Sanders provides some suggestions on what taxpayers should be...
There is a concern that future tax changes by congress may make current estate planning futile. However, there are certain estate planning strategies that should be considered in order to take full advantage of future provisions and are considered fairly...
Continue reading "Estate Planning With An Uncertain Tax Code"
Leaving behind funds for taking care of your family members is often the primary motive of estate planning. However, many individuals in their lives have been heavily involved with charitable work and it is logical for them to want to...
PricewaterhouseCoopers LLP released their 2012 Guide to Tax and Wealth Management. A free online downloadable copy is available for the public to view. The guide addresses the changing landscape of wealth management and taxation. Some of the areas it examines are...
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The Senate Finance Committee held a hearing on October 18th to discuss tax reform in the context of charitable deductions and incentives for charitable donations. Both researchers and representatives of charitable organizations testified at the hearing. The topics discussed included...
Continue reading "Senate Finance Committee Holds Hearing on Charitable Deduction Reform"
In an October 18 Senate Finance Committee hearing, Independent Sector President Diana Aviv testified that "[n]ow is the time to increase charitable giving, not inhibit the incentives that have helped strengthen our communities." Ms. Aviv testified that U.S. nonprofits assist...
Continue reading "Independent Sector Advises Congress Not to Restrict Charitable Giving"
Rep. Don Young of Alaska has proposed a new bill to provide a deduction for hunters that donate game meat to qualified charities. The bill would also provide an exemption to the processors for amounts paid by the charities to...
Continue reading "Bill Proposed to Provide Tax Breaks to Hunters"
The Chronicle of Philanthropy features an article discussing why the proposed limit on charitable deductions is no longer likely to be included in the Jobs Act. A counter-proposal in the Senate would utilize a 5.6 percent surtax on income over...
Continue reading "Charitable Deduction Limit No Longer in Jobs Act"
Lisa Chiu discusses an Urban Institute's Center on Nonprofits and Philanthropy study that found that President Obama's plan to limit charitable deductions for wealthy people would cost nonprofits at least $2.9-billion and perhaps as much as $5.6-billion dollars. The wide...
Continue reading "Study Shows Non-Profits Could Lose Billions Under Obama's Economic Plan"
New bill to amend I.R.C. Section 170(b)(1)(A) to allow a deduction for charitable contributions to agricultural research. In order to benefit from this deduction the charitable organization would have to primarily conduct agricultural research as defined under Section 1404,...
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In Friedberg v. Commissioner, the Tax Court held that the taxpayers were not entitled to a deduction for their charitable contribution of a facade easement on their home. The taxpayers lived in a historic district of New York City and...
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The Nebraska Law Review features an article discussing the broad definition of "charitable" in section 170 of the tax code. The article examines how the difference in the lay and legal definitions of the word charitable hinder discussion of reforming...
Continue reading "Should the Definition of "Charitable" in Section 170 be Narrowed?"
The Planned Giving Design Center features an article discussing the steps advisers should take to ensure that their clients are getting the appropriate deductions for their charitable gifts. The article focuses on determining the status of the organization to which...
Continue reading "Steps to Maximize Charitable Deductions for Donors"