The IRS has released Issue 2012-9 of Exempt Organizations Update.
The IRS has ruled privately that a family charitable trust does not meet the organizational test because it benefits named private individuals which is in direct contradiction to section 501(c)(3) of the Code. Further ruled, the organizing document fails to...
The IRS has ruled privately that a state court's order to permit optional variable ascending annuity payments from a testamentary charitable lead annuity trust, commencing on the decedent's death and continuing for the 10-year annuity term, will satisfy...
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 2012-13 indicates the applicable federal rate under section 7520 for May 2012 is 1.6%; up 0.2% from the...
The IRS has released final regulations under section 642(c) with regard to the Federal tax consequences of an ordering provision in a trust, a will, or a provision of local law that attempts to determine the tax character of the amounts paid to a charitable...
In response to IRS Notice 2012-25, which requests items for inclusion in the 2012-2013 Guidance Priority List, attorney Lawrence P. Katzenstein of of Thompson Coburn LLP has suggested three exceptions or clarifications be made to the qualified appraisal...
The IRS has responded to an inquiry regarding to what extent donors, grantors, and contributors may rely on the listing of an organization in Publication 78, Cumulative List of Organizations or the IRS Business Master File (BMF) extract for purposes of...
The IRS has clarified that, except in very limited situations, a contribution of an easement subject to the condition the easement can be swapped is not deductible under section 170(h).
According to the income tax regulations, no income tax charitable deduction is permitted for a conservation easement in property which is subject to a mortgage unless the mortgagee subordinates its rights in the property to the right of the qualified organization to...
The IRS has released Publication 598, Tax on Unrelated Business Income of Exempt Organizations , in which it describes which organizations are subject to the tax, return filing requirements, what an unrelated trade or business is, and how to...
The IRS has released its monthly issue of Exempt Organizations Update. In this issue: ...
The Internal Revenue Service has launched a new online search tool, Exempt Organizations Select Check, to help users more easily find key information about tax-exempt organizations, such as federal tax status and filings.
In 2010 the IRS issued Announcement 2010-19 in which it described procedures for certain charitable trusts that classified themselves as private foundations after August 16, 2007, to be reclassified as Type III supporting organizations. These procedures...
In a memorandum opinion, the Tax Court has held that deeds transferred by individuals are consistent with the requirements of IRC 170(h)(4)(A)(ii) and are therefore qualified conservation contributions. Although the court made a valuation adjustment, it did not...
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 2012-11 indicates the applicable federal rate under section 7520 for April 2012 is 1.4%; unchanged from...
The IRS has released it annual dirty dozen tax scams list for 2012. Notable items are the abuse of charitable organizations and deductions, and the misuse of private annuity trusts and foreign trusts to shift income and deduct personal expenses.
The Philanthropic Enterprise Act of 2012, introduced by Rep. David G. Reichert, R-WA, would amend the Internal Revenue Code of 1986 to exempt private foundations from the tax on excess business holdings in the case of certain philanthropic enterprises...
In a legal memorandum, the IRS has ruled that individual donors' gifts to an irrevocable trust are complete for gift tax purposes and therefore taxable gifts of a present interest. Further ruled, the beneficiaries' right to withdrawal (commonly referred to...
The IRS has ruled privately that a private foundation's grants to individual medical researchers create a clinical information and biosample "biobank" to enable the discovery of pathogens and pathogenic mechanisms in a specific disease will...
The IRS has ruled privately that issuing units in an organization's endowment fund to a charitable remainder trust, the making of endowment fund payments to the trust, the receipt of endowment fund payments by the trust, and the holding or redemption...
Recent activity
Standard Automobile Mileage Rates for 2012
IRS Releases Publication on Donating Cars to Charity
Attorney Suggests Three Exceptions/Clarifications to Charitable Appraisal Rules
Issuance of Units from Organization's Endowment Fund to CRT Does Not Cause UBTI
ACGA Issues Statement on Incentives for Charitable Giving
Obama Targeting Charitable Deduction to Fund Jobs Bill
Heard on the Web: Charitable Lead Trusts Draw Renewed Interest
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%
Heard on the Web: Tax Cut Deal Could Benefit Charities
IRS Releases Revised Pub. 526 - Charitable Contributions
Heard on the Web: Weighing the Best Vehicles For Philanthropic Giving