Finance & Banking Nonprofits Tax

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When interest rates are low, it’s high time for estate planning

Interest rates remain at record lows, and while many experts believe they’ll begin to rise soon, it’s likely they’ll rise slowly. So it’s an ideal time to implement estate planning strategies that are most effective in a...more

How Your IRA Can Benefit Both Your Heirs and Charity

Do you want to use your IRA to help a charity, but also benefit your heirs? Instead of leaving your IRA directly to your children, you can leave it to a charitable remainder unitrust (CRUT) while still benefiting your...more

Changes to User Fees for Voluntary Correction Program (VCP) Submissions

On January 4, 2016, the Internal Revenue Service published its annual update of user fees Rev. Proc. 2016-8 for various letter ruling and determination letter requests. The 2016 update now includes user fees and guidance for...more

Keeping it Together: Foundations, DAFs, and the Problem of Bifurcated Payments

The end of the year brings a flood of gifts and grants to public charities, as well as perennial questions about how the donor will benefit in return. As a general matter, individual donors may receive “benefits” in...more

PATH Act Extends Key Tax Provisions for Businesses and Individuals; Many Extenders Made Permanent

On December 18, 2015, the President signed into law the Protecting Americans from Tax Hikes Act of 2015, HR 2029, PL 114-113 (the “PATH Act”), which extends or makes permanent over fifty (50) expiring tax provisions relating...more

2015 Year End Tax Update

A BRIEF LOOK BACK - Where We Are Now – The View from Bucks County, Thanksgiving 2015 - 1. “Make America Great Again!” Sounds like a terrific idea, even for those (few?) of us who think America is already great and...more

Donors and Charities Benefit Under New Tax Legislation

While most provisions of the Internal Revenue Code (“Code”) do not automatically expire, there are dozens that do. Included among the expiring provisions have been several intended to enhance charitable giving. Each has been...more

IRA Charitable Rollover Provision Becomes Permanent Law

The IRA charitable rollover provision of the Internal Revenue Code, which allows individuals age 70½ or older to transfer, tax-free, up to $100,000 per year from an IRA to one or more eligible charities, has become permanent...more

The Charitable IRA Rollover is Now Permanent!

Under the normal rules, an IRA distribution is included in the gross income of a donor, who then may claim a charitable income tax deduction if she contributes that money to charity. There has been a special rule for...more

Recent Tax Extenders and Modification Package Signed into Law

On December 18, 2015, President Obama signed into law the "Protecting Americans from Tax Hikes Act of 2015" (the Act). The Act extends a number of tax provisions that expired on December 31, 2014 and makes some of the...more

IRA Charitable Rollover Made Permanent

On December 18, 2015, Congress passed and President Obama signed into law the "Military Construction and Veterans Affairs and Related Agencies Appropriations Act." Section Q of the Act amends the tax code in several ways in...more

Charities and Mission Investing

Private foundations, community foundations, and other public charities and nonprofit organizations are seeking different, and sometimes innovative, ways to further their charitable purposes. One area receiving increasing...more

Mind the GAAP: Financial Reporting Impact of New Accounting Standards for Not-for-Profits

In April of this year, the Financial Accounting Standards Board (“FASB”) circulated a series of proposed changes to generally accepted accounting principles (“GAAP”) applicable to certain not-for-profits....more

Wealth Management Update - December 2015

December Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The December § 7520 rate for use with estate planning techniques such as CRTs, CLTs,...more

Receiving a Deduction for Your Charitable Contribution on Giving Tuesday

Yesterday was Giving Tuesday, so ths blog post focuses on ensuring that you are doing everything necessary to receive your charitable deduction, especially in light of a recent court decision. ...more

End of the Line – Part II: Year End Tax Planning Strategies

This article is Part II in a series of tax planning strategies for year-end tax planning for the 2015 tax series. The article addresses the Pooled Income Fund (PIF) which as this article demonstrates, has surprising planning...more

The End of the Line – Part I: Year End Tax Planning Strategies

This article is designed to provide an overview of a technique that might allow taxpayers to accomplish significant income tax savings at the end of the 2015 tax year. This planning can be accomplished regardless of whether...more

Looking For a Way to Satisfy a Charitable Donation? Donate Israeli Bonds!

For many of us in the Jewish community, Israeli Bonds, have become a familiar part of our religious culture. Parents, grandparents and friends give Israeli Bonds as gifts for holidays, special occasions and milestones and...more

Recaps from Proskauer’s 20th Annual Trick or Treat Tax Exempt Seminar

Proskauer’s 20th Annual Trick or Treat Seminar was held on Friday, October 30. The Seminar discussed: - Non-Profit Revitalization Act of 2013: Recent Developments and Outstanding Issues - Recent Developments in...more

New IRS Regulations for Mixed-Use Projects Financed With Tax-Exempt Bonds Have Particular Importance for Nonprofit Health Care...

On October 27, 2015 the U.S. Treasury Department and Internal Revenue Service published final regulations concerning the treatment of “mixed-use” projects financed with tax-exempt bonds. These new regulations have particular...more

IRS Releases Final Regulations Facilitating P3s and Mixed-Use Developments, and Remedial Actions

On October 26, 2015, the Internal Revenue Service released final allocation and accounting regulations (the Final Regulations) under Section 141 of the Internal Revenue Code of 1986, as amended (the Code) related to...more

At Long Last – Allocation and Accounting Rules

Good things come to those who wait. The tax-exempt bond industry has waited 18 years for a missing reserved section of the private activity bond regulations, the allocation and accounting regulations, Treas. Reg. Section...more

IRS Encourages Private Foundations to Consider Charitable Purposes in Investing Its Assets

As we previously reported, the IRS has updated its guidance with helpful examples concerning program-related investments for private foundations. In its recently issued Notice 2015-62, the IRS provides further assurance that...more

New IRS Regulations for Mixed-Use Projects Financed With Tax-Exempt Bonds Have Practical Importance

On October 27, 2015 the U.S. Treasury Department and Internal Revenue Service published final regulations concerning the treatment of “mixed-use” projects financed with tax-exempt bonds. These new regulations have significant...more

IRS Delays Effective Date for New Regulations on Embedded Loans in Swaps

The Treasury and the IRS have delayed implementation of the recently announced rule change that treats certain types of upfront payments on swaps as loans for federal income tax purposes (including for purposes of the...more

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