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Continue reading "Deductibility of Contributions Made to Disregarded Entities "
A recent poll by The Chronicle shows that Charities in 2011 have received a 20% increase in donations compared to the year before. Further, 60 % of charities project to end the year with an overall gain in donations. To read...
The IRS has released Notice 2012-6, which extends and expands the transition relief provided under Rev. Rul. 2011-1and Rev. Rul. 2008-40 for certain group trusts, certain retirement trusts that qualify under the Puerto Rico Internal Revenue Code and that participate...
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...
The IRS has released Publication 557, Tax-Exempt Status for Your Organization. Publication 557 discusses and explains the rules and procedures that organizations must follow to obtain an appropriate ruling or determination letter regarding the organization's tax-exemption status. See Publication 557,...
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It is often commented that the tax code is progressive because the wealthy pay more in taxes than others. However, often missed is the number of tax loopholes and shelters that require complex financial planning which can only be afforded by the...
The IRS has issued a public letter ruling determining that the income of a trust set up to pay retirement benefits to former state employees is excludable from gross income under section 115 of the tax code. The IRS determined...
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"
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...
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McGuireWoods.com features an article discussing the final regulations issued on Form 990 for tax-exempt organizations. The final regulations are replacing the temporary regulations issued in 2008 and became effective on September 8, 2011. The article addresses the public support test,...
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Distributions to charitable and non-charitable beneficiaries can be made through split-interest trusts. Data newly released at the IRS.gov web page explains the tax impacts of each of the four types of split-interest trusts defined by their method and timing of...
Continue reading "IRS Releases Statistics for Split-Interest Trusts and Annual Required Form 5227"
Bequests are charitable gifts made at an individual's death--a planning option that is frequently overlooked. Fewer than 9.5% of Americans older than 50 who donated over $500 a year between 1995 and 2006 planned to make a bequest. The article...
The Planned Giving Design Center features an article updating advisers on developments in tax-exempt organizations. The article discusses the Small Business Health Care Tax Credit, tax relief for the victims of Hurricane Irene, final regulations on redesigned Form 990, and...
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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"
The Wealth Strategies Journal has posted a new article entitled, "Recent Developments in Asset Protection Law - August 2011," by Jay Adkisson.Posted by Matthew Engler, Managing Associate Editor....
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