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9 Apr 2014 | Information Release | National Publication | News story | 1 comments

In a recent release, IR-2014-31, Karen L. Hawkins, Director of the Office of Professional...

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The IRS requests comments in Federal Register/ Volume 79, No. 66/Monday April 7, 2014. The notice is regarding Rev. Proc. ...

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Recently, the IRS issued clarification for Private Foundations regarding the responsibilities of the granting organizations and its grantees, to assure that the granted funds were utilized for their intended purposes. Generally, grantees must now provide reasonable...

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In Notice 2014-21, The Internal Revenue Service provided guidance regarding the tax treatment of "convertible virtual currency", i. e. Bitcoin. For those who were thinking that Bitcoin or other similar ideas was a panacea for trading freely without the need for...

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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, the applicable federal rate under section 7520 for April 2014 is 2.2%; Stable with last month's rate.

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For purposes of determining the deduction for pooled income funds less than three years old the rate for 2014 has dropped from 1.8% in 2013 to 1.4% creating a very high charitable deduction. Can we do anything with it?

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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, the applicable federal rate under section 7520 for March 2014 is 2.2%; a decrease of .2% since last month.

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Nearly fifty years ago, entomologist and Smithsonian researcher Dr. Carl Drake left the Smithsonian Institution his collection of insects subject to certain restrictions.  In addition, he created an endowment at the Smithsonian with $250,000 (worth about $4,000...

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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, the applicable federal rate under section 7520 for February 2014 is 2.4%; an increase of .4% in the last two months.

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A substantial and material change in the sources of support of a public charity described in IRC Sections 170(b)(1)(A)(vi) or 509(a)(2), which are dependent on a sufficient amount of public support for their public charity status, may potentially cause an...

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In recently issued Ltr. Rul. 201323007, the taxpayer created a charitable lead annuity trust ("CLAT"), where the beneficiary of the income interest was a private foundation. The foundation was established by the taxpayer and his spouse and the taxpayer, his spouse,...

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In a recent case decided by the Tax Court, Graev, 140 TC No. 17, because of the attendant risk of an IRS disallowance of charitable deductions taken in connection with an contribution of an easement, the donor, a New York attorney, entered into a side agreement that...

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On December 23, 2013, the IRS issued Notice 2014-4, 2014-2 IRB, providing interim guidance for Type III supporting organizations (SOs) seeking to qualify as functionally integrated by supporting a governmental supported organization.  The notice also provides...

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The Treasury Department issued final regulations under IRC Section 1411 on November 26, 2013 (TD 9644, 78 Fed. Reg. 72394-01), which makes changes to the net investment income (NII) tax as it applies to charitable remainder trusts (CRTs) and wholly charitable...

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20 Dec 2013 | Treasury | National Publication | News story

The Internal Revenue Service has issued the 2014 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

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5 Dec 2013 | Legislative | National Publication | News story

Senate Finance Committee member Charles E. Schumer, D-NY has introduced S. 1772, the Public Good IRA Rollover Act of 2013, which if passed would expand and extend without expiration the definition of tax-free IRA distributions made for charitable purposes for...

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5 Dec 2013 | Publications | National Publication | News story

Publication 526 explains how donors can claim a deduc­tion for their charitable contributions. It dis­cusses the types of organizations to which they can make deductible charitable contributions and the types of contributions they can deduct. It  also discusses...

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3 Dec 2013 | Regulations | National Publication | News story

The Treasury has revised proposed regulations, originally proposed in 2012, that provide guidance on the computation of net investment income under section 1411 of the Internal Revenue Code. The regulations affect individuals, estates, and trusts whose incomes meet...

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22 Nov 2013 | Revenue Rulings | National Publication | News story

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 2013-26 indicates the applicable federal rate under section 7520 for December 2013 is 2.0%; unchanged from...

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7520 Rates: Apr 2.2% Mar 2.2% Feb 2.4%

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