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 2007-15 indicates the charitable federal midterm rate under section 7520 for March 2007 is 5.8%; up 0.2% from the February and January rates of 5.6%.  MORE »

In a February 15, 2007 floor statement, Senate Finance Committee ranking minority member Chuck Grassley, R-Iowa, said the alternative minimum tax should be repealed without offsetting tax increases because "the AMT collects revenues it was never meant to collect in the first place."  MORE »

The IRS has released its annual "Dirty Dozen" tax scams for 2007. Under the heading of abuses of charitable organizations and deductions, included are abuses of donor advised funds, overvaluation of donations of noncash assets, and the return of private tuition payments disguised as charitable contributions to religious organizations.  MORE »

Writing for the Private Art Dealers Association, Robert Dance has suggested that experience be considered for purposes of meeting the "qualified appraiser" requirements under appraisal compliance guidance, noting that an educational requirement might disqualify some of the foremost experts on the market for works in their fields.  MORE »

Sotheby's Inc. has submitted concerns to Treasury in response to Notice 2006-96 suggesting the requisite experience and education of a qualified appraiser contained in the notice may unintentionally prevent many highly qualified Sotheby's specialists from being able to provide appraisals in the future.  MORE »

The tax law surrounding charitable contributions of tangible personal property such as artwork to museums has long been subject to vigorous debate among taxwriters. In this article, Connecticut attorney James B. Lyon reviews the evolution of these rules with emphasis on the newest and most restrictive provisions as imposed by the Pension Protection Act of 2006.  MORE »

The IRS has issued guidance under section 4965 of the Internal Revenue Code to tax-exempt entities described in section 4965(c) that may be parties to prohibited tax shelter transactions.  MORE »

The Internal Revenue Service has released a draft that suggests that 501(c)(3) organizations review and consider helping ensure that directors understand their roles and responsibilities and actively promote good governance practices.  MORE »

The IRS has requested comments in connection with a study it is conducting on the organization and operation of donor-advised funds and supporting organizations as required by the Pension Protection Act of 2006.  MORE »

In a Notice of Intent filed on November 28, 2006, the Office of Securities for the State of Maine in conjunction with the Maine Attorney General's office is seeking to revoke the license of a registered representative who allegedly compelled his elderly client to name him trustee of her estate, amend her living trust to establish a testamentary foundation account at the National Heritage Foundation, and then after her death sold a tax deferred variable annuity to the account in violation of NASD rules and Maine securities law and/or ethics rules.  MORE »