Business owners contemplating selling their companies often look to their tax advisers for options to reduce the potential tax impact upon sale. One option routinely considered is having the owner contribute a portion of the...more
As the end of 2022 approaches, many individuals, families and businesses consider making donations to their favorite charities. In light of recent judicial decisions enforcing “strict requirements” to claim tax deductions for...more
As charitable organizations continue to navigate fundraising strategies during a pandemic, lawmakers consider proposals that, if enacted, would have a significant impact on charitable giving.
Earlier this summer, the...more
As predicted, the 2017 Tax Act appears to have impacted the state of charitable giving in the United States. The 2019 Giving USA report released June 18, 2019, indicated that giving by individuals declined by 3.4 percent...more
On August 8, the Internal Revenue Service (IRS) and the Department of the Treasury released proposed regulations on new section 199A, the 20 percent deduction for qualified business income, added to the Internal Revenue Code...more
Donor advised funds (DAFs) are among the most-discussed vehicles in the charity world today. Proponents see DAFs as useful alternatives to private foundations and supporting organizations when donors want to provide...more
Public Law No. 115-97, enacted Dec. 22, 2017, and informally known as the 2017 Tax Cuts and Jobs Act (the “2017 Tax Act”), contains several provisions that, in the aggregate, may have a substantial effect on charities and...more
The House-Senate Conference Committee released the revised “Tax Cuts and Jobs Act” on Dec. 15, 2017. This compromise bill made major changes to the separate bills that the House and Senate passed earlier this year. Both...more
The Senate weighed in on tax reform by releasing a revised Chairman’s Mark of the “Tax Cuts and Jobs Act” on Nov. 14, 2017. Many provisions of the Chairman’s Mark closely track the House bill, but the two differ substantially...more
The debate over federal tax reform officially began Nov. 2, 2017, when House Ways and Means Committee Chair Kevin Brady (R-Texas) introduced H.R.1, the Tax Cuts and Jobs Act. Several provisions of the legislation affect...more