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Charitable Deductions

Practical Insights on Tax Reform: Impact on Individuals

On December 22, 2017, President Trump signed into law legislation, known as the Tax Cuts and Jobs Act (“TCJA”), which is the most extensive overhaul of the United States of the Internal Revenue Code (the “Code”) in 30 years....more

Avoid this while filing your taxes

by Foodman CPAs & Advisors on

To avoid possible scrutiny or oversight by the IRS, Accuracy is a key factor when filing Tax Returns. Taxpayers want to make sure that their returns are processed correctly by the IRS. ...more

Maximize The Tax Benefit Of Charitable Donations Through “Bunching”

by Moskowitz LLP on

Congress may have intended to simplify tax filings by doubling the standard deduction to $12,000 (single) and $24,000 (married filing jointly), but for individuals who itemize and deduct their charitable contributions, the...more

Impact of 2017 Tax Reform: Sports and Entertainment

by Moskowitz LLP on

Most reporting about our new tax laws has been on the reduction of business taxes, real estate, and the loss of individual deductions. In this blog post, we will highlight some provisions that will impact the sports and...more

Wealth Management Update - March 2018

by Proskauer Rose LLP on

March Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The March § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and...more

Hobby Lobby Case Highlights Limitations on Charitable Deductions Claimed by Irrevocable Trusts

Green vs. U.S., No. 16-6371 (10th Cir., Jan. 12, 2018) - Practitioners and donors often forget a pesky donation limitation that applies only to irrevocable trusts: the deduction for a real property donation is limited to...more

Tax Reform: Provisions Directly Affecting Tax-Exempt Organizations

by Foley & Lardner LLP on

he Tax Cuts and Jobs Act was signed into law on December 22, 2017. This tax reform law includes the following changes directly affecting nonprofit and tax-exempt organizations, and those who donate to them. A number of...more

Tax Court Holds IRS Complied With Supervisor Approval Requirement

by Fox Rothschild LLP on

The Tax Court’s recent opinion in Roth v. Commissioner, T.C. Memo. 2017-248, raises interesting issues about the need for supervisor approval when the IRS asserts penalties. In 2007, the petitioners in Roth donated a...more

New Tax Law Impact on Individual Deductions

by Bryan Cave on

The Tax Cuts and Jobs Act of 2017 (TCJA) eliminated all miscellaneous itemized deductions that are subject to the 2% floor, capped state and local taxes deduction at $10,000, and doubled the standard deduction for single...more

Update: Several Ways Final Tax Reform Legislation Will Change Healthcare

by Morgan Lewis on

Tax-exempt bond financing, an anticipated impact to philanthropic donations, repeal of the individual mandate, and taxation of highly compensated executives are among the changes for 2018....more

Tax Reform: Key Provisions for Tax-Exempt Organizations

by Ropes & Gray LLP on

After much uncertainty surrounding competing bills, the House of Representatives voted to pass comprehensive tax reform legislation (the “Act”) on December 20, 2017, shortly after the Senate passed the measure. The Act will...more

The Tax Cuts And Jobs Act: Impact And Planning

On December 20, 2017, Congress passed the Tax Cuts and Jobs Act (the “Act”) instituting sweeping changes to the Internal Revenue Code.1 By now, many taxpayers are familiar with the ‘big ticket’ changes the Act brings to the...more

The Benefits of Making Charitable Donations

by Moskowitz LLP on

There are many benefits of making charitable donations that include the way people feel about themselves including their religious and spiritual feelings and giving back to the community. I will leave these and other benefits...more

How Much Should You Give to a Charity: Or is There a Formula For Determining How Much You Should Give vs How Much You Can Afford

by Moskowitz LLP on

This answer is something that an attorney often says to a client: “it depends”. This is a highly personal decision that can encompass many factors. The personal and or religious beliefs of the person and their spouse. How...more

Six Ways Tax Reform Could Change Healthcare

by Morgan Lewis on

Providers, including charitable hospitals, nonprofit organizations, and academic medical centers, should watch for possible policy changes in the tax reform bill reconciliation process....more

Year-End Tax Planning for College Football Fans

Fans of college athletics may have heard something about tax legislation barreling through Congress this month, and didn’t pay much attention since it sounded like boring stuff that only meant something to big tech companies...more

Updates for Tax-Exempt Organizations from the Senate Bill

Early on December 2, 2017, the Senate passed the Tax Cuts and Jobs Act (the “Senate Bill”). This blog entry describes certain provisions of the Senate Bill that would have the most significant impact on the nonprofit...more

IRS Notice Provides Guidance on Use of Donor Advised Funds for Pledges and Charity Events

by Ropes & Gray LLP on

On December 4, 2017, the IRS released a notice that describes proposed guidance the IRS and Treasury are considering with respect to donor advised funds (DAFs). The comprehensive rules governing DAFs enacted in 2006 gave rise...more

When should you turn down an inheritance?

If a person expects to receive an inheritance from a family member, he or she might choose to use a qualified disclaimer to refuse the bequest. As a result, the assets will bypass their estate and go directly to the next...more

Insight on Estate Planning - Year End 2017

In This Issue: - When should you turn down an inheritance? - Addressing intellectual property requires careful estate planning - Year end is an ideal time to review your estate plan - Estate planning pitfall: You’re...more

Creating Impact with Your Year-End Charitable Giving

by Ropes & Gray LLP on

With the end of the year right around the corner and potential tax changes looming, now is the time to focus on your charitable giving. You want your donations to make a positive impact, to make a difference in whatever area...more

#GivingTuesday’s Tax Deduction Tips

by Nutter McClennen & Fish LLP on

On #GivingTuesday, if you are thinking about making a cash gift to one or more of your favorite causes and you intend to claim a charitable contribution deduction on your 2017 income tax return for the gift(s), here are three...more

House of Representatives Passes the Tax Cuts and Jobs Act (H.R. 1); Senate Finance Committee Approves Modified Version; Comparison...

by Proskauer - Tax Talks on

Yesterday afternoon, the House of Representatives passed the Tax Cuts and Jobs Act (H.R. 1) (the “House bill”). The House bill is identical to the draft bill approved by the House Ways and Means Committee on November 10. Late...more

The Senate Finance Committee’s proposal for tax reform, and how it compares with the bill passed by the House Committee on Ways &...

by Proskauer - Tax Talks on

UPDATE: The Senate Finance Committee last night released a revised version of the Chairman’s Mark of the Tax Cuts and Jobs Act. We are reviewing these changes and will release an update soon... On Thursday, November 9, the...more

Tax Reform: Focus on the Sports Industry

by Proskauer - Tax Talks on

Over the last several days, there have been significant developments relating to the Tax Cuts and Jobs Act, the pending tax reform legislation in Congress. On Thursday, a detailed summary of the Senate Finance Committee’s...more

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