News & Analysis as of

Charitable Donations

The Supreme Court Will Soon Weigh in on Class Arbitration and Cy Pres Issues

The U.S. Supreme Court has decided to hear two important cases next year involving important issues for class action lawyers and the clients they serve. In Lamps Plus Inc. v. Varela, the Supreme Court will decide “whether...more

Possible Fix Coming to Charitable Gifting Problem

by Charles (Chuck) Rubin on

For many taxpayers, the 2017 tax law changes removed an incentive to many taxpayers to make charitable contributions. As an itemized deduction, charitable contributions provide a deduction only to taxpayers who itemize their...more

Make your connection with the “Top 10” Tax Cut and Jobs Act Changes and be prepared for 2019!

by Foodman CPAs & Advisors on

Here are the changes from the Tax Cut and Jobs Act (TCJA) that will impact “most” Individuals when they prepare their 2018 Tax Returns in 2019...more

2018 is a Unique Year for Taxes

by Womble Bond Dickinson on

You may be happy that a refund is coming, or you may be steamed at the amount of taxes you had to pay. Regardless, the experience you had for the 2017 tax season likely will be significantly different from the 2018 tax...more

Conservation Easements: Charitable Deduction Disallowed Under “Substantial Benefits” Test

by Fox Rothschild LLP on

In Wendell Falls Development, LLC v. Commissioner, T.C. Memo. 2018-45, the Tax Court denied a charitable contribution deduction for a taxpayer’s contribution of a conservation easement because the taxpayer expected to receive...more

Take It with a Grain of SALT: Jersey’s Tax Workaround

by McGuireWoods LLP on

On May 4, New Jersey Governor Phil Murphy signed into law a provision that attempts to bypass the GOP tax law’s cap on the state and local tax deduction (SALT), which imposes a $10,000 federal limit on state and local tax...more

Supreme Court to Review Use of Charitable Donation to Settle Privacy Claims Against Google

A challenge to the use of a cy pres charitable donations to settle privacy claims against Google will be heard by the Supreme Court. In Frank v. Gaos, petitioners seek reversal of lower court decisions rejecting their...more

Impact to Charitable Organizations under the Tax Cuts and Jobs Act

While many businesses and individuals will see a lower tax bill as a result of the 2017 Tax Cuts and Jobs Act, charitable organizations may ultimately be the biggest losers from the sweeping tax reform. The Tax Act includes...more

How Can They Do That? A Question Many Commercial Co-Venturers Love to Ask

by Verrill Dana LLP on

Advertising lawyers when giving advice to clients on promotional programs and advertising disclosures are always asked by their clients, why must we do it that way when XYZ company isn’t? The answer is usually somewhere...more

Vermont Legislative Update 04-27-2018 - An analysis from DRM's Government & Public Affairs Team

by Downs Rachlin Martin PLLC on

House Upholds Veto of S.103 - The House this week failed to overturn the first veto of the session when a 94-53 roll call vote fell four votes short of the two-thirds majority needed to override the governor’s action on...more

Watch out for those who Promise Bogus Charitable Giving Tax Schemes

by Foodman CPAs & Advisors on

In the US, there are promoters of phony companies that pose as registered charities and solicit charitable contributions by individuals or corporations. The Donor will provide a receipt that is later refused by the tax...more

Private Foundations May Now Own Philanthropic Businesses

by Morgan Lewis on

Private foundations may now own philanthropic businesses whose profits are dedicated to charity without the prohibitive excess business holdings tax. Newman’s Own Foundation was the proponent of recent legislation that allows...more

The New York State Budget: New Tax Code and Record Funding for Education

by Harris Beach PLLC on

The recent passage of the state’s budget, which took effect on April 1, 2018, aims to provide relief to the middle class to combat the change in federal tax law. New York is making a concerted effort to protect...more

Practical Insights on Tax Reform: Impact on Exempt Organizations

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 Internal Revenue Code (the “Code”) in 30 years. In...more

Enforcement and Litigation Strategies: Skadden’s Eighth Annual Pharmaceutical, Biotechnology and Medical Device Seminar

On March 15, 2018, Skadden hosted its Eighth Annual Pharmaceutical, Biotechnology and Medical Device Seminar in Palo Alto, California, which focused on U.S. enforcement issues faced by companies throughout the industry. The...more

Charitable Funds and the Disallowance of Federal Income Tax Deductions for State and Local Taxes

by McDermott Will & Emery on

The 2017 Federal Tax Reform Act contains a provision that generally limits the annual income tax deduction for state and local income and property taxes to $10,000. In reaction to this, states and localities have been...more

Decoding the Tax Cuts and Jobs Act – Part VIII: Charitable and Tax-Exempt Organizations / Estate and Gift Taxes

by Garvey Schubert Barer on

Charitable organizations work hard to maintain exempt status. These organizations operate in a highly regulated landscape: In exchange for enjoying freedom from income taxes, they must comply with strict organizational and...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

Changes For Individuals In New Federal Tax Law

by Fox Rothschild LLP on

The Tax Cuts and Jobs Act, enacted in December 2017, is the most significant change to the U.S. Tax Code since 1986 and dramatically alters the tax landscape for individuals. A number of changes take effect this year, while...more

Provisions Under the New Tax Law that Affect Tax-Exempt Organizations

by Stoel Rives LLP on

The Tax Cuts and Jobs Act of 2018 went into effect on January 1, 2018. The new law makes some changes that affect tax-exempt (nonprofit) organizations. Except as otherwise noted, these changes are effective now and will...more

Fake Charities Garner Fifth Spot On IRS “Dirty Dozen” For 2018

by Fox Rothschild LLP on

The Internal Revenue Service today warned taxpayers against scam groups masquerading as charitable organizations, luring people to make donations to groups or causes that don’t actually qualify for a tax deduction. These...more

Maximizing the Value of Charitable Gifts Post-Tax Reform

by Ropes & Gray LLP on

Among the sweeping changes included in the federal tax reform legislation passed last year by Congress are various reforms that may affect the federal tax benefit of charitable giving. While the reforms discussed below will...more

Trump’s Tax Reform: Effect on Nonprofits

by Bowditch & Dewey on

The Administration’s frenzy to pass “tax reform” created tax breaks for some—I’m looking at you, the Trump family—increased taxes for others, and confusion for everyone, at least until the IRS is able to promulgate official...more

Newsletter: Environmental Law Update

by Pullman & Comley, LLC on

Throughout Connecticut’s legislative session, these updates highlight developments concerning environmental law and policy. The author prepares updates as Legislative Liaison of the Connecticut Bar Association’s Environmental...more

Newman’s Own Law

A last minute addition to the budget appropriations bill enacted by Congress this month has created new opportunities for philanthropic planning. Section 41110 of the bill creates a limited exception from the private...more

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