News & Analysis as of

Charitable Deductions Charitable Donations

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

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

Proposed Tax Reform Bill Impacts Philanthropy and Tax-Exempt Organizations

On November 2, 2017, House Ways and Means Committee Chairman Kevin Brady (R-TX) introduced H.R. 1, the “Tax Cuts and Jobs Act” (the “Bill”). At over four hundred pages, the Bill promises substantial changes to the Internal...more

Qualified Disaster Relief Payments: Federal Loans, Charitable Assistance, Etc.

by Moskowitz LLP on

What if I received a Small Business Association (SBA) Disaster Loan for my business or home? How will it affect my taxes? SBA loans are not treated as income and will not affect your taxes.....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

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

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

'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

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

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

Donate art and secure a tax break

Valuable works of art may be ideal candidates for charitable donation. Generally, it’s advantageous to donate appreciated property to avoid capital gains taxes. Because the top capital gains rate for art and other...more

Act Now to Preserve Your 2015 Charitable Deductions

5 Ways to Be Diligent with Charitable Gifts of Cash Remember that formal benefit dinner you attended last fall? The contentious battle for that golf package at the charity auction in the spring? Your donation to the...more

Provisions Affecting Charities in Proposed Budget

The Administration’s proposed budget for Fiscal Year 2017 features several proposals that would impact charitable organizations and their donors, including proposals to streamline the private foundation excise tax on net...more

IRA Charitable Rollover Made Permanent

On December 18, 2015, Congress passed and President Obama signed into law the "Military Construction and Veterans Affairs and Related Agencies Appropriations Act." Section Q of the Act amends the tax code in several ways in...more

IRS’s New, Optional Donor Form Causes Confusion

by Polsinelli on

On September 16, 2015, the Internal Revenue Service (IRS) issued proposed regulations to provide an alternative method for substantiating charitable contribution deductions. In connection with these regulations, the IRS will...more

Receiving a Deduction for Your Charitable Contribution on Giving Tuesday

by Cole Schotz on

Yesterday was Giving Tuesday, so ths blog post focuses on ensuring that you are doing everything necessary to receive your charitable deduction, especially in light of a recent court decision. ...more

"Tips from IRS for Year-End Gifts to Charity"

by Nexsen Pruet, PLLC on

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

Contributions of Art: Elements of a “Boring” Charitable Contribution Deduction

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

This article highlights some of the more critical income tax issues that taxpayers and their advisors must address when claiming the charitable contribution deduction for the gift of art to art museums. This article does not...more

IRS Proposes New Rules for Substantiating Charitable Contribution Deductions: What Every Charity Needs to Know

by Davis Wright Tremaine LLP on

Anyone who has ever given to a charity is familiar with the contribution receipt: it thanks the donor for the contribution, indicates the dollar amount of the gift and states that the charity did not provide any goods or...more

IRS Proposes Rules for Donee Charitable Donation Reporting

On September 16, 2015, the IRS issued proposed regulations concerning the time and manner for donee organizations to file information returns that report required information about charitable contributions. The proposed...more

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