The Biden Tax Plan
Impact of Tax Reform on Charitable Giving
After your retirement, or if you’re retiring soon, you may be more inclined to make donations to charity. However, you may receive little or no tax benefit from your contribution, depending on whether you itemize deductions....more
Tax Litigation: The Week of April 4th, 2022, through April 8th, 2022 Middleton v. Comm’r, T.C. Memo. 2022-28 | April 4, 2022 |Kerrigan, J. | Dkt. No. 8158-19L Salter v. Comm’r, T.C. Memo. 2022-9 |April 5, 2022 |Lauber, J. |...more
Charitable giving helps to improve social well-being by supporting a broad range of areas including education, scientific research, alleviation of poverty, and others. To encourage donations, the federal government makes...more
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
A unique provision in the tax code allows certain transfers, made directly from a traditional IRA to a qualified charitable organization, to avoid taxation. Although this benefit of a qualified charitable distribution (QCD)...more
Since it began in 2012, Giving Tuesday, the Tuesday after Thanksgiving, has become more and more popular. A recent survey suggests that 62% of Americans plan to participate this year. The main purpose behind Giving Tuesday...more
It is no secret the Coronavirus has impacted the way Americans live their day-to-day lives. The virus has negatively affected many Americans’ jobs, livelihood, and finances. In such an uncertain time, it may be difficult to...more
Donor-advised funds are a growing trend in giving that may get more popular due to the new tax law. These funds allow you to donate money, receive a charitable tax deduction, and continue to grow the money until you are ready...more
The new tax law makes it harder to claim a tax deduction for charitable contributions. While charitable giving should not be only about getting a tax break, if you want to reap a tax benefit from your contributions, there are...more
The standard deduction (i.e., the amount you can deduct from your adjusted gross income without itemizing deductions) under the new tax law has increased to $24,000 for married couples and $12,000 for individuals. You are...more
Due to the general success of the stock market in recent times, many people are currently carrying appreciated stock as part of their balance sheet. Individuals who are charitably inclined and looking to make donations to a...more
The sweeping changes created by the federal Tax Cuts and Jobs Act (“TCJA”) has resulted in some states enacting their own legislation in response to the federal tax reform. On May 31, 2018, Connecticut signed into law a bill...more
You may be happy that a refund is coming, or you may be steamed at the amount of taxes you had to pay. Regardless, the experience you had for the 2017 tax season likely will be significantly different from the 2018 tax...more
Charitable organizations work hard to maintain exempt status. These organizations operate in a highly regulated landscape: In exchange for enjoying freedom from income taxes, they must comply with strict organizational and...more
The Tax Cuts and Jobs Act, enacted in December 2017, is the most significant change to the U.S. Tax Code since 1986 and dramatically alters the tax landscape for individuals. A number of changes take effect this year, while...more
On January 10th, 11th and 18th our tax attorneys ?hosted a "CPA Shoptalk" seminar in ?Portland, Vancouver and Bend. Below are ?some key takeaways to consider... 1. Partnership Audit Rules Post-TEFRA - The Balanced...more
The Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law by President Donald Trump on December 22, 2017. The Act changes many provisions of the Internal Revenue Code, from individual and business provisions, to...more
Blank Rome’s “2017 New Tax Law – Client Alert” is a special series on the Tax Cuts and Jobs Act and related changes to the tax code. In the series, Blank Rome’s lawyers share their analysis of different provisions in the Bill...more
With the affirmative vote in the House today, both Houses of Congress have now passed a final version of the Tax Cuts and Jobs Act, clearing the legislation for President Trump’s signature. President Trump is widely expected...more
If Congress is successful in lowering tax rates for at least some taxpayers in 2018, there are several year-end taxing-saving tips to consider prior to December 31st....more
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
On November 25, the Internal Revenue Service published "Tips from IRS for Year-End Gifts to Charity." The goal was to remind "individuals and businesses making year-end gifts to charity that several important tax law...more
Charitable contributions are only deductible if you itemize and have the proper substantiation. For cash contributions of less than $250, you must have either a cancelled check/credit card receipt or a written...more
Now that a deal averting the fiscal cliff has finally been reached, many of the tax and planning issues that have been mired in uncertainty for the past two years (and even longer in some cases) may be resolved. Numerous tax...more