Impact of Tax Reform on Charitable Giving
A strong stock market and “soft landing” have generated significant wealth this year. The gift tax, estate tax and generation-skipping transfer tax are all imposed on the fair market value of assets at the time of transfer....more
As the 2023 tax year winds down, owners of individual retirement accounts (IRAs) might consider combining the 2023 tax benefits of charitable giving with a qualified charitable distribution (QCD) from their IRA....more
If you are at least 70 ½ years old and have a traditional IRA, you can give up to $100,000 from your IRA account directly to charity. This direct transfer, called a Qualified Charitable Distribution (QCD), avoids having to ...more
You may already know about many of the amazing things the North Shore Land Alliance has done to protect our beloved Long Island. The mission of the Land Alliance is: “To conserve and safeguard Long island’s natural and...more
The original Setting Every Community Up for Retirement Enhancement Act (SECURE Act), enacted in 2019, was a significant law related to retirement savings. In the spring of 2022, with an eye toward building on the reforms in...more
On December 29, 2022, the Securing a Strong Retirement Act (commonly referred to as SECURE Act 2.0) was signed into law. This is follow-up legislation to the Setting Every Community Up for Retirement Enhancement Act, which...more
February 2023 Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The February applicable federal rate (“AFR”) for use with a sale to a defective grantor...more
As 2022 came to a close, Congress passed an omnibus spending bill, the $1.7 trillion Consolidated Appropriations Act of 2023, and it was signed by President Joe Biden on December 29. Contained within this bill is the SECURE...more
The Consolidated Appropriations Act, 2023 (“Appropriations Act”) was signed by President Biden and became law on December 29, 2022. Included in the Appropriations Act is the SECURE 2.0 Act of 2022 (“Secure Act”), which...more
President Biden recently signed into law the Secure 2.0 Act of 2022. The Act contains, in part, an expansion of the rules for qualified charitable distributions. A qualified charitable distribution (“QCD”) is a direct...more
Generally, donors who are over the age of 70 ½ can direct distributions to be made from their individual retirement account (IRA) of up to $100,000 per year to public charities (other than to fund a donor advised fund). This...more
With Giving Tuesday around the corner, nonprofit organizations should continue to communicate to its donor base the diverse ways to make a charitable gift. An IRA owner who is over the age of 70 ½ may have money...more
Welcome to EO Radio Show – Your Nonprofit Legal Resource. In this episode, Cynthia Rowland will cover some federal Internal Revenue Code rules that charitable organizations and their donors need to know in order to make sure...more
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
As the 2021 tax year winds down, owners of individual retirement accounts (IRAs) might consider combining the 2021 tax benefits of charitable giving with a qualified charitable distribution from your IRA. If you are at least...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
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
Many individuals incorporate charitable giving into their estate plans, providing assistance to their favorite charities while preserving sufficient assets for their heirs. Typically, the charitable donations are structured...more
The Convention- The Democratic Party’s “virtual” convention last week seems to have gone pretty well. All the stars of the Party’s firmament were on hand and spoke in “virtually” one voice in their assessment of the...more
The Setting Every Community Up for Retirement Enhancement (SECURE) Act is the biggest retirement planning law in decades. However, when all is said and done, the new law may have just as significant an impact on estate...more
Both the SECURE Act and CARES Act are filled with important changes related to estate planning. The Secure Act (Setting Every Community Up for Retirement Enhancement Act), enacted in December of 2019, carries significant...more
Nonprofit organizations with traditional reliance on event fundraising are now in a position to solicit donors in an alternate manner because of the COVID-19 pandemic. It is an opportune time to launch formal annual and...more
Trusts & Estates attorney Samantha Heaton explains the serious impact of The SECURE Act on estate planning for retirement accounts. The SECURE Act, signed into law on December 20, 2019, has a serious impact on estate...more
The ‘Setting Every Community Up for Retirement Enhancement’ Act (the “SECURE Act”) was signed into law on December 20, 2019 and became effective January 1, 2020....more
The Setting Every Community Up for Retirement Enhancement Act (the SECURE Act) was signed into U.S. law on December 20, 2019. The SECURE Act makes significant changes to the administration of IRAs and other tax-deferred...more