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...
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The IRS has released a message reminding taxpayers about the February 28th deadline for claiming Haiti Relief Donations on their 2009 returns: WASHINGTON -- Taxpayers wishing to claim their Haiti relief donations on the tax return they are filling out...
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In a Q&A article titled "Congress May Restore IRA Provision," the Wall Street Journal reports that legislation passed in the House would reinstate a provision allowing individuals over the age of 70 1/2 to directly transfer up to $100,000 from...
Wills, Trusts & Estates Prof Blog reports that "Susan E Budak (consultant and author) and Susan N. Gary (professor of law, University of Oregon) have published their article Legal and Accounting Challenges of Underwater Endowment Funds, Prob. & Prop., Jan./Feb. 2010,...
The Tax Policy Center of the Urban Institute and the Brookings Institution, has released estimates on gross estate and net estate tax distribution for 2010 based on a $3.5 million exemption and 45 percent rate, and a $5 million exemption...
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The IRS has issue Announcement 2009-62, which updates the procedures provided in Announcement 2006-93, 2006-48 I.R.B. 1017, that a section 509(a)(3) supporting organization may use to request a change in its public charity classification.Posted by Lewis J. Saret, General Editor,...
In the Feb. 5 Federal Register, the IRS has issued a Notice and Request for comments on information collections under final regulations (T.D. 8791) on charitable remainder trusts under section 664 and special valuation rules for transfers of interests in...
In PLR 200906008, the IRS ruled that a trust distribution qualifies for charitable contribution deduction. According to the ruling, the distribution of gross income from a trust to one or more charitable organizations will qualify for the charitable contribution deduction...
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IRS Tax Tip 2009-23 offers advice on special charitable contributions for certain IRA owners. Specifically, it advises taxpayers to keep in mind the following ten points:1. The IRA owner must be age 70 ½ or older. 2. The donor must...
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The Internal Revenue Service issued a letter ruling that a trust is granted extension to take charitable deduction. According to the ruling, a trust is granted an extension to elect a section 642(c) charitable deduction for a particular tax year...
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The 2008 Forms 990 and 990-EZ information returns for tax-exempt organizations are now finalized, along with schedules and instructions, for filing in 2009. Posted by Lewis J. Saret, General Editor, Wealth Strategies Journal....
The IRS, in IR-2008-138, offered tips for individuals and businesses making contributions to charity re relatively new tax law provisions. These are as follows. Special Charitable Contributions for Certain IRA Owners An IRA owner, age 70 ½ or over, can...
On October 6, the IRS released a list of organizations who have lost their charitable donee status under sections 501(c)(3) and 170(c)(2).The complete list can be accessed on the IRS website, or by clicking on the following link.Posted by Shannon...
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