News & Analysis as of

Charitable Donations Internal Revenue Code (IRC)

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

Tax Update: Big Changes in the Estate and Gift Tax Laws Require Attention

by Cozen O'Connor on

The new tax law represents the most comprehensive overhaul of the Internal Revenue Code since 1986 and includes important changes to the estate and gift tax rules that likely will have an impact on your estate plan, the state...more

The Effect of Tax Changes On Transfers from IRAs to Charity

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

Summary of Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law by President Donald Trump on December 22, 2017. The Act changes many provisions of the Internal Revenue Code, from individual and business provisions, to...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

Bipartisan House Bill Addresses Syndicated Conservation Easement Tax Shelters

by Coblentz Patch Duffy & Bass on

Last week, Representative Mike Kelly (R) of Pennsylvania and Representative Mike Thompson (D) of California introduced the Charitable Conservation Easement Program Integrity Act of 2017 as H.R. 4459. The Act is simple;...more

Donor Advised Funds May Face New IRS Rules

by Faegre Baker Daniels on

On December 4, 2017, the Treasury Department and Internal Revenue Service (IRS) issued Notice 2017-73, new proposed guidance for donor advised funds (DAFs). The public has the opportunity to comment on the following proposed...more

IRS Issues Request for Comments Regarding the Regulation of Donor Advised Funds

The Internal Revenue Service (the “IRS”) has issued Notice 2017-73 (the “Notice”) which outlines approaches the Department of the Treasury (“Treasury”) and the IRS are considering with respect to the regulation of certain...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

IRS Provides New Guidance to Simplify International Grantmaking by Private Foundations

International charitable giving by Americans has increased dramatically in recent years, and is evolving as a tax planning area of significant importance. Contributions by individuals and private foundations to, or for the...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

Fifth Circuit Vacates Denial of Charitable Tax Deduction For Conservation Easements

On August 11, the U.S. Court of Appeals for the Fifth Circuit decided the case of BC Ranch II, LP, et al., v. Commissioner of Internal Revenue, which involved charitable tax deductions based on the creation of conservation...more

New Cases Provide Mixed Messages to Conservation Easement Donors

Fifth Circuit encourages flexibility for conservation easement deductions in Bosque Mountain Ranch, while Tax Court makes it difficult for farmers in Rutkoske. Two important conservation easement opinions were handed down...more

Podcast - Shrink the Section 457A Tax on Hedge Fund Management and Incentive Fees and Expand Your Impact

by Ropes & Gray LLP on

In a recently released Ropes & Gray podcast, asset management partner Isabel Dische, tax partner Brett Robbins, and private client partner Cameron Casey discuss the effect of Section 457A on pre-2009 management and incentive...more

Charitable Income Tax Deductions: The Rockefeller Edition

by Bryan Cave on

Billionaire David Rockefeller passed away this week at the age of 101. According to Forbes magazine, during his lifetime, the well-known philanthropist gave away nearly $2 billion....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

Keeping Your Family Foundation in Compliance

The 2016 election cycle made front page news of certain failures in compliance by both the Bill, Hillary & Chelsea Clinton Foundation and The Donald J. Trump Foundation. Every new year brings new goals and, for every family...more

Six Tips for Tribal Governments to Reduce Tribal Member Taxes in 2017

by Holland & Knight LLP on

As the Republican-led Congress and White House move forward on the repeal of the Affordable Care Act (ACA) and major tax-reform legislation, there are several new opportunities that may benefit tribal governments and their...more

2016 Year-End Estate Planning Advisory

by Katten Muchin Rosenman LLP on

In 2016, we continued to experience a period of relative stability in our federal transfer tax system and have been able to plan without expecting imminent significant changes to the system. Under the American Taxpayer Relief...more

Looking over the edge of the Cliff - The Use of Pooled Income Funds to Reduce the Taxation of Offshore Repatriated Carried...

by Gerald Nowotny on

The addition of IRC Sec 457A effectively ended the ability of investment managers to defer the tax recognition of the carried interest in the investment manager’s offshore fund. Under IRC Sec 457A, hedge fund managers must...more

Transferee Liability: The [Unlikely] Situation that your Nonprofit Receives a Charitable Gift with Expensive Tax Strings Attached

by Coblentz Patch Duffy & Bass on

The case of Salus Mundi Foundation et al v. Commissioner - On August 15, 2016, the Tax Court decided in Salus Mundi Foundation et al v. Commissioner, T.C. Memo. 2016-154, that two foundations were liable as transferees...more

How Can Employees Help Victims of Louisiana’s August 2016 Storms. . .Through an Employer Leave Donation Program or Leave Sharing...

by Jackson Lewis P.C. on

Leave Donation - In mid-September, the IRS announced income tax relief for individuals who donate through their employers to aid victims of the Louisiana storms that began on August 11, 2016. See IRS Notice 2016-55...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

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