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Internal Revenue Service Donations

The United States Internal Revenue Service is a bureau of the United States Department of the Treasury. The IRS is charged with collecting revenue and enforcing the Internal Revenue Code.  
Foodman CPAs & Advisors

Esquema De Donaciones De Arte: Advertencia Del IRS

Foodman CPAs & Advisors on

El 5/10/23, el IRS emitió una advertencia y ofreció consejos a todos los contribuyentes, incluyendo los contribuyentes de alto patrimonio neto (declarantes de altos ingresos), para que estén atentos a promociones que prometan...more

Foodman CPAs & Advisors

Art Donation Scheme Warning From IRS

Foodman CPAs & Advisors on

On 10/5/23, the IRS issued a warning and offered tips to all taxpayers, including, High-Net-Worth taxpayers (high income filers) to be on the lookout for promotions that promise art donation deductions that are a tax scheme....more

ASKramer Law

The Benefits of Donating Digital Assets to Charity

ASKramer Law on

Taxpayers can receive significant tax benefits when donating cryptocurrency and other appreciated digital assets to a charity. This article looks at some key considerations to keep in mind as you consider all your options....more

ASKramer Law

Accepting Cryptocurrency and Digital Asset Donations: What Charities Need to Know

ASKramer Law on

Charities should address several issues when considering whether to accept donations of digital assets, defined to include cryptocurrency, stablecoins, and non-fungible tokens (NFTs)....more

Partridge Snow & Hahn LLP

Donations Made to Nonprofit Name Image Likeness Collectives are Not Tax Exempt

In 2021, the National Collegiate Athletic Association (“NCAA”) adopted a policy that permitted student athletes to be compensated for the use of their name, image, and likeness (“NIL”). Since then, organizations have been...more

Lippes Mathias LLP

Understanding the Rules Surrounding Campaign Donations

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With the start of a new year come ample fundraising opportunities for upcoming elections. As a result, it is important to understand the rules around donating and becoming aware of certain contribution limits. If you plan to...more

McDermott Will & Emery

IRS Releases Memorandum on Deducting Cryptocurrency Donations

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On January 13, 2023, the Internal Revenue Service (IRS) released a memorandum (CCA 202302012) concluding that a qualified appraisal is required when a taxpayer claims a charitable contribution deduction exceeding $5,000 for...more

Holland & Hart LLP

Employer Considerations For Leave Donation Programs

Holland & Hart LLP on

We are now several months into the "Great Return" — with employers declaring that employees must return to the workplace. To incentivize office engagement, employers are replacing COVID-19 testing, vaccination and mask...more

Holland & Hart - The Benefits Dial

If I Leave Here Tomorrow, Would You Still Remember Me? How to Structure a Bona-Fide Leave Donation Policy

Clients routinely ask how to get “creative” with accrued paid time off (PTO) banks. In an earlier blog post, I wrote about the ability (or rather, the inability) of employees to have the unrestricted right to cash out PTO....more

Fox Rothschild LLP

Next Steps for Nonprofits: Checking All the Boxes in Your ‘Start of the Year' Review

Fox Rothschild LLP on

This is the second of a two-part Alert to guide nonprofit organizations in preparing for upcoming filing deadlines and implementing best practices for the onset of a fiscal year. ...more

McDermott Will & Emery

International News: Spotlight on Tax

INTRODUCTION TO US TAXATION OF NFTS - Despite Non Fungible Token (NFT) sales hitting nearly US$21 billion by the end of 2021, making NFTs almost as valuable as the global art market, they are currently completely ignored...more

Schwabe, Williamson & Wyatt PC

Tips for Planning Charitable Giving

Charitable giving is a way for businesses and individuals to save on taxes while supporting the causes that align with their values. At Schwabe, we can help clients to plan charitable gifts and make sure that their charitable...more

Bradley Arant Boult Cummings LLP

Final Regulations on Business Donations to Scholarship-Granting Organizations Make for Good Year-End Tax Planning (and Support a...

In August, the U.S. Treasury Department and the Internal Revenue Service issued final regulations on the deductibility of payments of cash or in-kind donations to certain tax-exempt organizations if the donor receives in...more

Troutman Pepper

Taxpayer Developer’s $4M Land Donation Upheld in Quid Pro Quo Contribution/Appraisal Compliance Case

Troutman Pepper on

An individual donating land to a municipality simultaneously when seeking to obtain development approvals from that same municipality often encounters the issue of whether the contribution lacked charitable intent and if the...more

Schwabe, Williamson & Wyatt PC

When to Tune Up Your Estate Plan

Life is not stagnant; situations change and evolve. Your estate plan should reflect your current status and expected future status and desires. There are many life changes and developments that might warrant an update, which...more

Snell & Wilmer

IRS Approves Additional Leave-Based Donation Programs for COVID-19 Relief

Snell & Wilmer on

We previously posted about two leave-sharing programs available to employers during the COVID-19 pandemic: major disaster leave-sharing programs and medical emergency leave-sharing programs. These leave-sharing programs may...more

Verrill

IRS Allows Tax-Advantaged Leave Donation to COVID-19 Relief Organizations

Verrill on

Under new guidance, the IRS will give favorable tax treatment to employees who donate leave to COVID-19 relief organizations. In IRS Notice 2020-46, the agency announced that employees who donate paid leave for contributions...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

IRS Provides Guidance on PTO Donation Programs to Aid Victims of the COVID-19 Pandemic

The novel coronavirus (COVID-19) continues to cause widespread challenges for employers and their employees. Accordingly, employers have implemented a number of policies and programs to assist employees and others impacted by...more

Faegre Drinker Biddle & Reath LLP

IRS Guidance on Employer-Based Leave Donation Programs for COVID-19 Relief Organizations

In recent years, it has become the norm for the IRS to respond to a federally declared disaster by issuing guidance enabling employers to establish “Leave Donation Programs,” which allow employees to “convert” accrued...more

Groom Law Group, Chartered

Leave Donation Programs for COVID-19

The IRS recently issued Notice 2020-46 that provides for a special leave donation program available for the COVID-19 pandemic. This brings the total to three tax-favored leave programs that are currently available to...more

Nossaman LLP

New IRS Rule Allows Many Nonprofits to Withhold Donor Information From the IRS

Nossaman LLP on

On May 26, 2020, the U.S. Treasury released Final Regulations on donor disclosure requirements that shield many nonprofits – except 501(c)(3) charities and 527 political organizations – from the requirement to disclose the...more

Faegre Drinker Biddle & Reath LLP

Benefit Plan FAQs on COVID-19 – Part 2

In these difficult times, some employees may want to donate some of their accrued paid-time off, vacation, or leave to help other employees take leave to recover from COVID-19 or to care for family members with COVID-19. ...more

Butler Snow LLP

What 2020 Holds for Labor & Employment

Butler Snow LLP on

2019 brought many changes and challenges to the world of labor and employment – and we expect 2020 to be no different. From drug testing to immigration, the following are issues that those in the labor and employment industry...more

Shumaker, Loop & Kendrick, LLP

Client Alert: How Employers Can Aid in Hurricane Irma Recovery

Hurricane Irma made landfall in Florida on September 10, 2017. The damage caused by Irma will be well into the billions of dollars. In the wake of the storm, the IRS announced several relief programs that are intended to...more

Clark Hill PLC

Donating To Employees Affected By Hurricane Harvey

Clark Hill PLC on

According to a recent estimate from the U.S. Chamber of Commerce, companies have pledged more than $157 million to relief efforts addressing the devastation of Hurricane Harvey. But when your own employees are the people in...more

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