The Service has ruled privately that a sale of real property by an estate from which a private foundation has an expectancy to a disqualified person in exchange for a promissory note is not a direct or indirect act of self-dealing because it qualifies as a...
The Tax Court has held that co-owners of land who donated conservation easements overvalued the easements based on the fact the highest and best use as argued by the IRS and agreed to by the court was not as a gravel mine but, rather, as agricultural property....
The IRS has ruled privately that scholarship awards made by a private foundation are excludable from the gross income of the recipients under section 117 of the Code.
The IRS has ruled privately that a private foundation's scholarship grants to artists are not taxable expenditures under section 4945.
The IRS has released Pub. 892, which describes how a tax-exempt organization can appeal the loss of its exempt status.
For purposes of determining the present value of an annuity, an interest for life or a term of years, or a remainder or a reversionary interest, Revenue Ruling 2012-7 indicates the applicable federal rate under section 7520 for February 2012 is 1.4%; unchanged from...
The IRS has revised Pub. 523, Selling Your Home . Although not specific to charitable gift planning, this publication can be helpful to donors and their advisors in determining the basis and capital gain exclusion qualification rules applicable to personal...
The IRS has ruled privately that a charitable trust that intended but failed to make an election to treat a contribution as having been paid in the prior year is granted an extension to make the election
In Email Chief Counsel Advice, the IRS has stated that so long as property qualifies for a charitable deduction, there is no reasonable cause/good faith exception with respect to the 40% gross valuation penalty.
The Joint Committee on Taxation has published a list of expiring tax provisions for 2011 through 2012. Charitable provisions that expired on December 31, 2011 include enhanced charitable deductions for contributions of food inventory, book inventories to public...
The IRS has issued guidance with respect to issuing rulings and determination letters on private foundation status under § 509(a), operating foundation status under § 4942(j)(3), and exempt operating foundation status under § 4940(d)(2), of...
The IRS has issued guidance that sets forth procedures for issuing determination letters and rulings on the exempt status of organizations under §§ 501 and 521 of the Internal Revenue Code. These procedures also apply to revocation or modification of...
The Service has ruled privately that a private foundation's use of the proceeds of loans from a local financial institution to satisfy all or a portion of either the Initial set-aside amount and/or the additional set-aside amount for the purpose of constructing...
The Tax Court has denied charitable deductions for conservation contributions made by a couple and two individuals because donations may be extinguished by mutual consent of the parties and, therefore, fail as a matter of law to comply with the...
For purposes of determining the present value of an annuity, an interest for life or a term of years, or a remainder or a reversionary interest, Revenue Ruling 2012-2 indicates the applicable federal rate under section 7520 for January 2012 is 1.4%; down 0.2% from...
In keeping with its holiday season custom, the IRS has released its annual tips on year-end giving for taxpayers, which reviews several important tax law provisions that have taken effect in recent years..
A Houston-area tax preparer has plead guilty to three counts of aiding and assisting in the preparation of false tax returns, the Justice Department and Internal Revenue Service (IRS) announced. Of note are false or inflated Schedule A deductions for charitable...
The IRS has issued guidance for standard mileage rates for taxpayers to use in computing the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes for 2012. The rate for rendering gratuitous services to a...
For purposes of determining the present value of an annuity, an interest for life or a term of years, or a...
A report produced by The Center on Philanthropy at Indiana University and sponsored by Campbell & Company has concluded that high-earning households are disproportionately responsible for individual charitable gifts when compared to other taxpayers and that...
Recent activity
ACGA Issues Statement on Incentives for Charitable Giving
Obama Targeting Charitable Deduction to Fund Jobs Bill
Bill Would Modify Vehicle Donation Rules
Bill Would Tax Art and Collectibles at Same Rate as Investment Property
Finance Committee Compares Midwestern Disaster Relief Bills
Donated Funds and Tax Liens
March 7520 Rate Increases to 3.0%
IRS Releases Revised Pub. 526 - Charitable Contributions
Obama Tax Plan Would Increase the Cost of Charitable Giving for Wealthy Donors
IRS Updates Dirty Dozen List of Tax Scams
Webinar: Aligning Charitable Planning & Life Insurance
Tax Court Denies Deductions and Imposes Penalties