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...
The IRS has announced it is extending the due dates for Forms 706, 706A (Federal Estate Tax Returns), and 8939 (Allocation of Increase in Basis for Property Acquired From a Decedent.) for decedents who died in 2010 provided the executor files a timely Form 4768...
The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, has asked for comments regarding Notice 2005-41, which explains new rules governing charitable contributions of intellectual property made after June 3,...
Notice 2011-43 provides transitional relief for certain small organizations (those that normally have annual gross receipts of not more than $50,000 in their most recently completed taxable year) that have been automatically revoked because they failed to file an...
Writing for the national office of Deloitte Tax LLP, Laura Peebles has asked the IRS to clarify the gift tax consequences that Notice 2010-19 imposes on transfers to charitable remainder trusts.
The IRS has announced the February 27 earthquake in Chile is a qualified disaster for section 139 purposes. Accordingly, employer-sponsored private foundations may provide disaster relief to employee victims of the earthquake and recipients may exclude relief payments...
Writing on his own behalf and for Martin Hall of Ropes and Gray, LLP, Boston, attorney Lawrence P. Katzenstein of Thompson Coburn LLP, St. Louis, has asked the service to address the gift tax consequences of Notice 2010-19 on transfers to charitable remainder trusts.
The IRS has issued Notice 2010-19 in which it states that transfers made after 2009 to a grantor trust that is not wholly owned by the donor or the donor's spouse is treated as a gift of the entire interest in the property under section 2511(c).
Writing on behalf of the American Counsel on Gift Annuities, Conrad Teitell has responded to Notice 2010-19 in which he explains potential unintended and adverse gift tax consequences on transfers to charitable remainder trusts and asks the IRS to immediately issue a...
The IRS has issued guidance explaining how exempt organizations required to file certain returns electronically may obtain a waiver of those requirements. The Notice also includes guidance on the timely filing of an electronically filed return that is rejected.
In Notice 2009-55 the IRS has issued its current list of transactions of interest identified in previous guidance that requires taxpayers entering into such transactions and material advisers who make a tax statement regarding such transactions to disclose them to the...
The IRS on Halloween issued Notice 2008-99 in which it announced its interest in a type of transaction involving the sale of interests in a charitable remainder trust that might result in inappropriate tax avoidance by the trust
Treasury has issued Notice 2008-90 in which it announces that the Internal Revenue Service (Service) and the Treasury Department are studying the computation of the deductible amount and adjustment to cost of goods sold for charitable contributions of inventory...
The IRS has provided interim guidance on the requirement that section 501(c)(3) organizations (charities) make available for public inspection Forms 990-T, Exempt Organization Business Income Tax Return.
The IRS has issued interim guidance and requested comments on the treatment under IRC
The IRS has issued Notice 2008-13 which provides guidance regarding implementation of the tax return preparer penalty provisions under section 6694 and the related definitional provisions under IRC section 7701(a)(36), as amended by the Small Business and Work...
The IRS has issued rules under IRC §170(f)(17) for substantiating lump-sum charitable contributions made through the Combined Federal Campaign (CFC) or a similar program (e.g., a United Way Campaign) as required by section 1217 of the Pension Protection Act of...
The IRS has issued transitional relief and filing procedures for certain charitable trusts that fail the responsiveness test for Type III supporting organizations. The procedures are intended for charitable trusts that received a determination recognizing their tax-...
In a notice of proposed rulemaking, the IRS and Treasury have announced proposals regarding the payout requirements for Type III supporting organizations that are not functionally integrated, the criteria for determining whether a Type III supporting organization is...
The Service has issued Notice 2007-70 which changes where charitable organization that receive gifts of qualified vehicles such as autos, airplanes, and boats with claimed values exceeding $500 are to file a completed Forms 1098-C and 1096 for years ending on or after...
Recent activity
ACGA Asks IRS to Take Corrective Action on Notice
Service Issues Trick or Treat Notice Regarding CRT Transaction
New Guidance Issued for Gifts of Inventory Property
IRS Issues Guidance on Record-Keeping Requirements for Charitable Contribution Payroll Deductions
Treasury, IRS Announce Guidance on Automobiles Donated to Charity