News & Analysis as of

Charitable Deductions

Tax Reform Update: A Call for Committee Action

by McNair Law Firm, P.A. on

On September 27, 2017, the Secretary of the Treasury, the Director of the National Economic Council, the Chair of the U.S. House Ways and Means Committee, the Chair of the U.S. Senate Finance Committee, the Speaker of the...more

CMS Issues New Instructions for Completing Worksheet S-10 and Extends Deadline for Providers to Submit Updated Data for FYs 2014...

by King & Spalding on

For the second time in less than one year, CMS has updated its instructions for completing Worksheet S-10 of the Medicare cost report for hospitals. The new instructions expand the definition of charity care, as reported in...more

Greedy Charitable Deductions May Cost You

by Foodman CPAs & Advisors on

Taxpayers are not required to pay a negligence penalty for underpayment of income taxes if, under Internal Revenue Code regulations, there is reasonable cause for a position that the Taxpayer takes in an income tax return. ...more

Courts Issue Victories To Conservation Easement Donors

by Fox Rothschild LLP on

August brought three wins for taxpayers who donated conservation easements that were challenged by the IRS. In all of the cases, terms of the conservation easement deed document carried the day....more

Could Tax Reform Threaten Higher Education?

by Steptoe & Johnson PLLC on

Given declining funding from government sources and the continued pressure to minimize tuition increases, it is critical for higher education institutions to encourage private giving. The primary catalyst for private giving...more

Conversion of Charitable Lead Trust from Nongrantor Trust to Grantor Trust Does Not Provide a Charitable Deduction to the Grantor

by Charles (Chuck) Rubin on

In PLR 201730012, a charitable lead trust was converted from a nongrantor trust to a grantor trust by adding a power of substitution to the trust provisions. The taxpayer sought a charitable deduction for the deemed...more

New York State 2017-18 Budget Legislation Contains Numerous Tax Changes

by McDermott Will & Emery on

In early April, the New York State Legislature passed its 2017-2018 budget legislation, which Governor Cuomo signed into law on April 10. This legislation contains numerous changes to the New York State Tax Law....more

Donating Fund Interests: A “Why Now?” and “How To” Primer

Due to increased valuation of public and private equities, coupled with the upcoming end of the sunset provision that allows hedge fund managers to defer taxation on fees earned offshore, there is an increased interest among...more

Commercial Division Rejects Third-Party Claim as Derivative in Trusts’ Suit Concerning Upper West Side Beaux-Arts Building

Asserting a claim on behalf of a trust in the Commercial Division can be risky, as the party asserting the claim must establish that the claimed injury is independent of any injury to the trust, and that they are therefore...more

Hodgson Russ LLP’s Report on the 2017-18 New York State Budget

by Hodgson Russ LLP on

On April 10th, the New York State budget for 2017-18 was signed into law. The highlights of the revenue provisions are summarized below....more

Tax Court Holds IRC Charitable Contribution Subsection is not Self-Executing in the Absence of Regs

by Blank Rome LLP on

On December 22, 2016, the United States Tax Court (the “Court”) issued 15 West 17th Street LLC v. Commissioner, 147 T.C. No. 19 (2016) and addressed, a question related to the statutory construction of section 170(f)(8),...more

"Income, Wealth Transfer Tax Changes Likely Under New Administration"

Comprehensive federal tax reform likely will be a top priority for the Trump administration and Republicans in Congress in the first half of 2017. Although there are differences between their proposals, President Donald Trump...more

IRS Rules That Syndicated Conservation Easements With Inflated Appraisals Are Listed Transactions

by McNair Law Firm, P.A. on

In Notice 2017-10, the IRS has determined that certain conservation easements are now “listed transactions” for purposes of federal tax reporting. “Syndicated” conservation easements are conservation easements donated by a...more

For high net worth individuals - What can you do before the end of the year to protect against potential changes in the tax laws? ...

by Dickinson Wright on

President-elect Trump has posted his tax proposals on his website. Although we are unable to say with certainty whether any of these proposals will be enacted, we address three of his proposals and our suggestions. Any of...more

Charitable Giving Before Tax Law Changes Under the New Administration

by Goulston & Storrs PC on

Significant changes are expected to U.S. tax laws following the election of Donald Trump as the next President of the United States and the Republican Party’s retention of control over both houses of Congress. The details of...more

Why donor advised funds are useful for year-end charitable giving

by Thompson Coburn LLP on

Donor advised funds are endowment-like funds that are operated by public charities. When a donor makes a gift to a donor advised fund, a separate fund is created for the donor by the public charity that holds the fund. With...more

Benefit Corporations May Expense Payments to Charities

by Morgan Lewis on

In a General Information Letter addressing the tax treatment of benefit corporations, the Internal Revenue Service (IRS) stated that a taxable benefit corporation may deduct payments to charities as business expenses (and...more

'Tis the Season for Year-End Charitable Gifts

by Perkins Coie on

As you are making your list and checking it twice, you might want to consider whether you want to make any year-end gifts to your favorite charities. If you do, you will be in good company. According to the National...more

The 5% Solution: IRS Revenue Procedure 2016-42 Provides Relief for the Probability of Exhaustion Test

by M. Robinson & Company, P.C. on

Charitable Remainder Annuity Trusts (CRATs) can be a very effective charitable planning tool. Choosing to fund a CRAT can remove assets from the estate of the donor, provide a reliable income stream for a family member and...more

Enforcing Charitable Pledges: New York’s Shifting Landscape

by Kelley Drye & Warren LLP on

On August 24, 2016, it was widely reported in the business media that Duke University had filed a claim against the estate of Aubrey McLendon, the former CEO of Chesapeake Energy Corp., who died in March 2016. The claim was...more

The Donor Advised Fund Alternative to a Family Foundation

by BakerHostetler on

There are several gifting vehicles that provide donors and their families with the opportunity to participate in their philanthropy on an ongoing basis. Frequently, families will consider creating and funding a private family...more

Consider Your Options for Charitable Giving - Trusts and Estates Update Volume 2016, Issue 1

by Pepper Hamilton LLP on

There are many charitable giving options that are available to fit a donor’s specific goals. You do not have to be Bill Gates or Warren Buffett to make a difference in the world now and after you are gone. Most of our...more

Remembering Four Years Ago, Will Tax Reform Come out of This Lame Duck Session of Congress?

No matter who wins the White House in November, the new president’s agenda will include tax reform. But changes to our tax laws need not wait until after inauguration day, as we learned four years ago when the “fiscal cliff”...more

What Does the Chan Zuckerberg Initiative Mean for Modern Philanthropy?

In an open letter to their newborn daughter last December, Facebook CEO Mark Zuckerberg and wife Priscilla Chan announced they will eventually give 99 percent of their Facebook shares during their lives to a variety of...more

Valuation Rule for Early Termination of Net-Income Charitable Remainder Unitrusts

Under Internal Revenue Code § 664, a qualified charitable remainder unitrust each year during its term distributes to a non-charitable beneficiary a fixed percentage (5% or greater) of the value of trust assets, determined...more

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