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Income Taxes › Charitable Deductions

Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect... more +
Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -
Bowditch & Dewey

Changes to Massachusetts Tax Law – Charitable Contributions New for 2023

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Massachusetts taxpayers will be able to deduct charitable contributions on their state income tax returns for charitable contributions made after January 1, 2023. The deduction will be allowed even if the taxpayer does not...more

Bowditch & Dewey

Year-End Charitable Giving and IRA Qualified Charitable Distributions

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As the 2023 tax year winds down, owners of individual retirement accounts (IRAs) might consider combining the 2023 tax benefits of charitable giving with a qualified charitable distribution (QCD) from their IRA....more

Shumaker, Loop & Kendrick, LLP

The Estate Planner, November/December 2023

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How planning can minimize the impact of income taxes - Until recently, estate planning strategies generally focused on removing as much wealth as possible from one’s estate to avoid the bite of federal estate tax....more

Schwabe, Williamson & Wyatt PC

Understanding Charitable Gifts

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Charitable giving is a way for businesses and individuals to support the causes that align with their values while saving on taxes. This article will cover common questions associated with charitable giving that will...more

Proskauer Rose LLP

Wealth Management Update - August 2023

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The August 2023 Section 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 5%, an increase from the July 2023 rate of 4.6%. The August applicable federal rate (“AFR”) for use with a sale...more

Foodman CPAs & Advisors

Filing 2022 Taxes: Best To Get Ready Now

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Taxpayers ought to start getting ready to file 2022 taxes. Going through statements, receipts, tax forms and other financial documents when it’s time to prepare to file 2022 taxes in 2023 can be a downer for those...more

Polsinelli

Big Win for Investors Facing Listed Transaction Penalties for Conservation Easements

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On November 9, 2022, in a 15-2 decision, the Tax Court held that the IRS improperly issued Notice 2017-10 in Green Valley Investors, LLC, et al. v. Commissioner of Internal Revenue, 159 T.C. No. 5. The Notice designated...more

Woods Rogers

‘Tis the Season (For Charitable Giving)

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The year-end is approaching, but you still have time to work on your 2022 tax planning. Consider giving to your favorite charity to make this holiday season merry. Planned charitable giving provides you a way to maximize...more

Freeman Law

Tax Court in Brief | Furrer v. Comm'r | Charitable Remainder Trusts; Non-Cash Charitable Contribution Substantiation; Taxability...

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Tax Litigation: The Week of September 26th, 2022, through September 30th, 2022 Patitz, Moody v. Comm’r, T.C. Memo. 2022-99 | September 27, 2022 | Weiler, J. | Dkt. No. 2784-19 Powell and Iakovenko v. Comm’r, T.C. Summary...more

Freeman Law

Is a Mandated Gift Deductible as a Charitable Contribution? A Review of The Meaning of “Gift” in IRC 170.

Freeman Law on

For over 15 years, I have represented tax-exempt charitable entities—mega, large, medium, small, and everything in between. Through that experience, I have seen the best of times and the worst of times (and everything in...more

Polsinelli

New York Alleges Trump Procured Inflated Appraisals for Conservation Easements

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On September 21, 2022, the New York State Attorney General Tish James filed a civil lawsuit against former President Donald Trump and the Trump organization alleging fraud and misrepresentation. The Complaint described a...more

Freeman Law

Tax Court in Brief | Sparta Pink Property, LLC v. Comm’r | Conservation Easement and Additional Fodder for Circuit Split

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Tax Litigation: The Week of August 29th, 2022, through September 2nd, 2022 Domdom v. Comm’r, T.C. Summary Opinion 2022-17 | August 30, 2022 | Carluzzo, J. | Dkt. No. 18270-17S Pressman v. Comm’r, T.C. Summ. Op. 2022-15 |...more

Freeman Law

Tax Court in Brief | Albrecht v. Commissioner | Charitable Contributions and Contemporaneous Written Acknowledgements

Freeman Law on

Tax Litigation: The Week of May 23rd, 2022, through May 27th, 2022 Genecure, LLC v. Comm’r, T.C. Memo 2022-52 | May 23, 2022 | Jones, J. | Dkt. No. 14916-15. Albrecht v. Comm’r, T.C. Memo 2022-53 | May 25, 2022 | Greaves, J....more

Freeman Law

Tax Court in Brief | Pickens Decorative Stone, LLC v. Comm’r | Syndicated Conservation Easement and “In Perpetuity”

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Tax Litigation: The Week of March 14, 2022, through March 18, 2022 Hamilton v. Comm’r, T.C. Memo. 2022-21 | March 15, 2022 |Urda, J. | Dkt. No. 139-19L AptarGroup, Inc. v. Comm’r, 158 T.C. No. 4 | March 16, 2022 |Goeke, J. |...more

Freeman Law

Charitable Remainder Unit Trust (“CRUTS”) and Cryptocurrencies

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On January 3, 2009, an alternative currency was born, known as Bitcoin—a cryptocurrency or virtual currency secured through digital blockchain technology, allowing electronic monetary transactions from person to person...more

Levenfeld Pearlstein, LLC

How to Build Back Generously

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In this Thanksgiving season, with the ongoing tax tumult in Washington DC, we pause for a moment to consider not only how we might Build Back Better, but how we can Build Back Generously. Giving is good for the giver, and...more

Bowditch & Dewey

Year-End Charitable Giving and IRA Qualified Charitable Distributions

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As the 2021 tax year winds down, owners of individual retirement accounts (IRAs) might consider combining the 2021 tax benefits of charitable giving with a qualified charitable distribution from your IRA. If you are at least...more

Bowditch & Dewey

Impact of House Ways and Means Tax Proposals for Trusts, Estates, and Retirement Accounts

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In this second blog post on the House Ways and Means Tax proposals, we address the proposed changes that will affect the taxation of trusts, estates, and retirement plans. As we discussed, on September 13, 2021, the...more

Bowditch & Dewey

Extension of CARES Act Incentives Relating to Charitable Giving: Planning with a Charitable Unitrust Remainder Trust (CRUT)

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By using a Charitable Unitrust Remainder Trust (CRUT), philanthropic minded donors can gift to a charitable cause while maintaining a lifetime benefit. A CRUT is an irrevocable agreement that will provide an income stream to...more

McGuireWoods LLP

Charitable Lead Annuity Trusts: Planning Opportunities in Today’s Low-Interest-Rate Environment

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As the pandemic continues to hinder nonprofits’ ability to fundraise effectively and connect with supportive donors, a charitable lead annuity trust can be a vehicle to provide immediate and ongoing funding to charities, as...more

Freeman Law

The Tax Court in Brief - February 2021

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Freeman Law’s “The Tax Court in Brief” covers every substantive Tax Court opinion, providing a weekly brief of its decisions in clear, concise prose. The Week of January 25 – January 29, 2021 - Costello v. Comm’r, T.C....more

Bowditch & Dewey

More Key Tax Provisions from the Consolidated Appropriations Act

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On December 27, 2020, Congress passed the 5,593 page Consolidated Appropriations Act. The “Act” includes several provisions and extensions of previously expiring provisions relevant to individual taxpayers: MEDICAL EXPENSE...more

Foley & Lardner LLP

The Consolidated Appropriations Act Changes to the Charitable Income Tax Deduction

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The Consolidated Appropriations Act of 2021 (CAA, Public Law No. 116-260) was signed into law on December 27, 2020. The Act extends and expands changes to the rules of charitable giving enacted under the Coronavirus Aid,...more

Lewitt Hackman

COVID-Related Tax Relief Act Summary

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Congress passed the $900 Billion COVID-Related Tax Relief Act of 2020 (“COVIDTRA” or “the Act”) as part of the Consolidated Appropriations Act of 2021, on December 21, 2020. As of this writing, President Donald J. Trump has...more

Bowditch & Dewey

Maximizing End-of-Year Charitable Giving

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As the holiday season approaches, people are thinking about giving to charitable organizations. As a donor, you can be both philanthropic and tax-efficient in your charitable giving. Estate Planning - One way to give is...more

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