Charitable Donations Income Taxes

News & Analysis as of

Charitable Contributions: Acknowledgements, Appraisals and the IRS's Strict Rules: Tax Update, Volume 2017, Issue 2

Tax season has begun, and it is crucial for any taxpayer claiming a charitable contribution deduction to be aware of the acknowledgment rules. Before the taxpayer files a tax return claiming a charitable deduction of $250 or...more

Strict Charitable Contribution Substantiation Requirements Trip Up Another Taxpayer

Taxpayers making contributions to charities that seek a charitable deduction have a myriad of reporting and receipt requirements to comply with. Code §170(f)(12) imposes additional requirements as to contributions of motor...more

Private Client Services 2016 Year-End Advisory

As the year draws to a close, we have entered a period of great uncertainty in estate and tax planning. President-elect Donald Trump has identified tax reform as a priority of his new administration and, with Republican...more

Estate Planning Pitfall: You’re donating high-basis stock to charity

As the end of the year approaches, many may begin thinking about making gifts to qualified charitable organizations as a way to reduce potential estate and income tax liability while supporting a worthy cause. This brief...more

Estate Planning NOW: Preparing for a New Government

It’s impossible to predict what any future president will do, or what Congress will approve. But in light of comments president-elect Donald J. Trump made on the campaign trail, and given that Grand Old Party members will...more

2016 Year-End Estate Planning Advisory

In 2016, we continued to experience a period of relative stability in our federal transfer tax system and have been able to plan without expecting imminent significant changes to the system. Under the American Taxpayer Relief...more

Substantiation of Charitable Donations

As we enter the giving season and begin making charitable contributions it is important to remember that some gifts require more than just the act of giving to qualify for a charitable tax deduction. For monetary...more

Looking over the edge of the Cliff - The Use of Pooled Income Funds to Reduce the Taxation of Offshore Repatriated Carried...

The addition of IRC Sec 457A effectively ended the ability of investment managers to defer the tax recognition of the carried interest in the investment manager’s offshore fund. Under IRC Sec 457A, hedge fund managers must...more

Transferee Liability: The [Unlikely] Situation that your Nonprofit Receives a Charitable Gift with Expensive Tax Strings Attached

The case of Salus Mundi Foundation et al v. Commissioner - On August 15, 2016, the Tax Court decided in Salus Mundi Foundation et al v. Commissioner, T.C. Memo. 2016-154, that two foundations were liable as transferees...more

2016 New York Tax Update: Highlights and Lowlights

There wasn’t much in the way of substantive New York tax changes in the 2017 budget bill that Governor Andrew Cuomo signed in April. Or at least wasn’t much in the way of changes that affect the day-to-day practices of the...more

Thinking of Crowdfunding Your Project? Beware – the Taxman Cometh

The IRS Office of Chief Counsel recently released Information Letter 2016-0036 in response to questions regarding the taxation of crowdfunding revenue. In it the IRS concluded that crowdfunding revenue is taxable to the...more

It’s a Wonderful Life – Or is it? The Taxation of Crowdfunding

Every holiday season, I, like many other Americans, watch Frank Capra’s classic, It’s a Wonderful Life. While the movie has a number of iconic scenes, the most heartwarming scene occurs at the end, as the citizens of Bedford...more

Charitable Remainder Trusts: A Viable Strategy for Building Wealth, Maximizing Tax Deductions, and Supporting a Beloved Charity

While most of us think of charitable giving around the holidays (or around tax time!), for many it is prudent to plan your giving to receive all of the benefits that are available to you. Planned giving comes in many forms...more

2016-17 New York State Budget

On April 13, 2016, Governor Andrew M. Cuomo signed the 2016-17 New York State Budget into law. We summarize the highlights of the revenue provisions below. Personal Income/Estate Taxes Personal Income Tax rates are scheduled...more

How to Make Sure You Don't Lose Your Charitable Contribution Deduction

In order for a U.S. taxpayer to deduct contributions to charity on his or her federal income tax return (Form 1040), the taxpayer must comply with very specific rules set forth in the Internal Revenue Code (the “Code”) which...more

Obama Signs PATH, Making IRA Charitable Rollovers Permanent

The Protecting Americans from Tax Hikes Act of 2015 (PATH) was signed into law by President Obama on December 18, 2015. PATH provides permanent extensions of certain tax benefits for individuals that have long been temporary,...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

Cross-Border Charitable Activities

The Canada-US treaty provides significant relief for cross-border charitable activities. The treaty, and the competent authority agreement that implements it, says that a religious, scientific, educational, or charitable...more

Contributions of Art: Elements of a “Boring” Charitable Contribution Deduction

This article highlights some of the more critical income tax issues that taxpayers and their advisors must address when claiming the charitable contribution deduction for the gift of art to art museums. This article does not...more

Low Interest Rate Is High Time for Some Estate Planning Ideas

When practitioners and clients think of estate planning, several goals typically come to mind: (1) identifying family members and charitable organizations to whom or for whose benefit assets are to be given; (2) ensuring that...more

Maximize Your Charitable Gift With Your IRA

Valentine’s Day is a great time to count your blessings and make good on your charitable intentions. Why not provide for your loved ones while also providing for a charity that is near and dear to your heart? Clients with an...more

Congress Extends IRA Qualified Charitable Distribution Rule: Action During 2014 Is Required for Taxpayers Interested in Taking...

Individuals who act quickly can receive a tax break for distributions in 2014 from an Individual Retirement Account (IRA) to a qualified charity. For the past four years, a distribution of up to $100,000 from an IRA paid...more

Congress Approves Tax Extension Bill

TWO WEEKS ONLY! SAVE NOW! Congress has finally approved the extenders bill in what is widely viewed as terrible tax policy, but a welcome holiday gift nonetheless. The Tax Increase Prevention Act of 2014 extended a...more

Tax Law Alert: The Tax Increase Prevention Act of 2014 Extends Expired or Expiring Provisions

Congress this week passed the Tax Increase Prevention Act of 2014 (the Act), which is expected to be signed by President Obama at any time. The Act renews or extends a number of expired or expiring provisions. Some of the...more

Charitable deductions: Substantiate them or lose them

Qualifying for a charitable deduction is, in some respects, a matter of form over substance. The IRS could disallow a deduction, even if it’s otherwise legitimate, if the donor fails to follow the substantiation requirements...more

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