Writing for Trusts & Estates, attorney David Thayne Leibell of Wiggin and Dana LLP discusses two recent court cases that might shut down the Internal Revenue Service's attack on "charitable lids" and suggests that wealthy families’ facing an estate tax in 2010 should place them at the top of their to-do lists.  MORE »

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).  MORE »

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 corrective notice.  MORE »

According to a February 1 article in The Chronicle on Philanthropy, Suzanne Perry reports that President Obama's budget proposals for fiscal 2011 "would limit to 28 percent the tax break couples earning $250,000 (or individuals earning $200,000) could get for their itemized deductions, including gifts to charity." A similar proposal failed Congressional endorsement last year.  MORE »

Find helpful links to 990 resources and tools tailored to meet the specialized needs of exempt organizations, tax professionals, the general public and contributors, and researchers (including the media) on IRS.gov.  MORE »

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.  MORE »

The IRS has announced the dates and locations of the 2010 Tax Forums. The Tax Forums offer three full days of seminars with the latest word from IRS leadership and experts in the fields of tax law, compliance and ethics.  MORE »

The Internal Revenue Service today reminded tax-exempt organizations to make sure they file their annual information form on time. In 2010 the tax-exempt status of any non-profit that has not filed the required form in the last three years will be revoked.  MORE »

The House of Representatives on January 20th unanimously passed H.R. 4462, legislation that would allow individuals who make charitable contributions to victims of the earthquake in Haiti to claim an itemized charitable deduction on their 2009 tax return instead of having to wait until next year to claim these deductions on their 2010 tax return.  MORE »

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 2010-06 indicates the applicable federal rate under section 7520 for February 2010 is 3.4%; up 0.4% from the January rate of 3.0% and up 0.2% from the December rate of 3.2%.  MORE »

In letter to the IRS, Council on Foundations president Steve Gunderson has asked IRS Commissioner Douglas Shulman to declare the Haitian earthquake as a "qualified disaster" pursuant to section 139(c)(3) of the Internal Revenue Code thereby allowing company sponsored private foundations to make qualified disaster payments to employees affected by qualified disasters and to members of their families.  MORE »

Senate Finance Committee Chairman Max Baucus (D-Mont.) and Ranking Member Chuck Grassley (R-Iowa), along with House Ways and Means Committee Chairman Charles Rangel (D-NY) and Ranking Member Dave Camp (R-MI), announced today their intent to introduce legislation that would help facilitate emergency aid and rebuilding efforts in Haiti following last week's devastating earthquake.  MORE »

House Ways and Means Committee Chair Charles B. Rangel, D-N.Y. has introduced legislation to accelerate the income tax benefits for cash charitable contributions made after January 11, 2010, and before March 1, 2010 for the relief of victims of the earthquake in Haiti.  MORE »

On January 15, 2010, House leaders Rangel, Camp, Clyburn and Cantor introduced a bill that would allow taxpayers to claim a charitable deduction for the 2009 tax year for charitable contributions made for Haiti relief.  MORE »

In response to year-end Congressional inaction and using the game of Monopoly as an analogy, attorney Conrad Teitell has written Senate Finance Committee Chairman Max Baucus and Ranking Member Charles Grassley to convey his opinion regarding the unfairness of a retroactive reinstatement of the estate tax, the possible consequences of such action, his recommendation that any new estate tax be applied prospectively and that new carryover basis rules be repealed retroactively, and for Congress to announce its intent and effective date for estate tax reform.  MORE »

In this video presentation from The American College, Philip B. Cubeta, CLU®, ChFC®, CAP®, MSFS, holder of the Sallie B. and William B. Wallace Chair in Philanthropy at The American College recaps the major charitable giving developments of 2009 with Wealth Channel® Correspondent Adam Batchelor. Looking ahead to 2010, the declining number of non-profits, reductions in available resources and increased needs among the public are also discussed.  MORE »

The IRS has updated its annual no ruling list in which it identifies issues on which the Internal Revenue Service will not issue letter rulings or determination letters. Numerous charitable giving arrangements are covered.  MORE »

The IRS has issued Rev. Proc. 2010-9 in which it sets forth procedures for issuing determination letters and rulings on the exempt status of organizations under §§ 501 and 521.  MORE »

The Service has determined that an organization that helps offset the cost of burial and funeral expenses for members of a particular religious community does not qualify for exemption from Federal income tax as an organization described in IRC section 501(c)(3).  MORE »

In a December 23 letter to Senate Finance Committee Chair Max Baucus, [D-MT] and ranking minority member Chuck Grassley, [R-IA], attorney Conrad Teitell of Cummings & Lockwood LLC, speaking on his own behalf, urged the Senators to confer with their colleagues and announce by year-end an estate tax compromise and discussed the consequences of not doing so.  MORE »

The Ninth Circuit Court of Appeals has affirmed the Tax Court's ruling that taxpayers were not entitled to deduct noncash charitable deductions because the taxpayers failed to comply, either fully or substantially, with the reporting requirements in I.R.C. § 170 and underlying regulations.  MORE »

The IRS has ruled privately that a trust is granted an extension to elect a section 642(c) charitable deduction for a gift made during a prior tax year.  MORE »

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 2010-01 indicates the applicable federal rate under section 7520 for January 2010 is 3.0%; down 0.2% from the December and November rates of 3.2%. In addition, the deemed rate of return for transfers during 2010 to pooled income funds that have been in existence for less than three taxable years is 4.6%; down 0.2% from the 2009 deemed rate of 4.6%.  MORE »

The Tax Court has allowed a charitable contribution deduction claimed by a partnership for a bargain sale of land to a state turnpike commission because the partnership established donative intent and substantial compliance.  MORE »

The S Corporation Inventory Contribution Act of 2009, S. 2841, introduced by Sen. Roland Burris, D-IL., would if enacted allow S corporations to deduct charitable contributions of inventory.  MORE »