Two new bills that would increase the mileage rate for charitable purposes have been introduced, bringing the total to four now under consideration by Congress.  MORE »

Rep. Robert E. Latta, R-Ohio has introduced H.R. 6675 that, if enacted, would increase the standard deductible mileage rate for people delivering meals to elderly, disabled, and at-risk individuals to 58.5 cents per mile.  MORE »

The Senate Finance Committee has released a comparison of disaster tax relief legislation (S. 3322) introduced by Finance ranking minority member Chuck Grassley, R-Iowa, to the Fair Disaster Tax Relief Act, introduced by House Ways and Means Committee member Ron Kind, D-Wis. Charitable provisions included in the Senate bill include a temporary suspension of limitations on charitable contributions dedicated to Midwestern disaster relief efforts, an increase in the standard mileage rate for charitable use of vehicles and exclusion from income of mileage reimbursements for taxpayers assisting in relief efforts related to the Midwestern disaster, and a general enhanced deduction for donations of food and book inventory.  MORE »

Lawmakers have introduced legislation that would increase the standard mileage rate for use of an automobile for business, medical, and moving deduction purposes for 2008 and permanently increase such rate for charitable deduction purposes.  MORE »

S. 3098, the Alternative Minimum Tax and Extenders Tax Relief Act of 2008, introduced by Senate Minority Leader Mitch McConnell, R-Ky., would extend alternative minimum tax relief and a number of expiring provisions. Of interest to charitable planners are tax-free distributions from individual retirement plans for charitable purposes, enhanced charitable deduction for contributions of food inventory, extension of enhanced charitable deduction for contributions of book inventory, and basis adjustment to stock of S corporations making charitable contributions of property.  MORE »

Under current tax law, churches that benefit from §501(c)(3) tax-exempt status may not participate in political campaign activities. Churches are also subject to applicable restrictions under campaign finance laws. In this report, the Congressional Research Service discusses these laws, recent IRS inquiries into church political activity, and legislation to repeal the tax code's prohibition.

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In response to his November 14, 2007 testimony before the Senate Finance Committee, noted estate and philanthropic planning lawyer Conrad Teitell of Cummings & Lockwood, LLC answers follow-up questions posed by the committee and urges the Senate to advance legislation to reform the federal estate tax "sooner than later"..."so certainty will reign for the foreseeable future."  MORE »

The Congressional Research Service has updated its report on qualified distributions from Individual Retirement Accounts that expired on December 31, 2007 by reviewing currently proposed bills that would extend the provision.  MORE »

The Congressional Research Service has updated its report on the requirements and application process for charities and other entities that seek to obtain section 501(c)(3) status.  MORE »

Given the attention that the Alternative Minimum Tax (AMT) is garnering right now in the media and on Capitol Hill, Gerald Prante, Senior Economist at The Tax Foundation, a nonpartisan tax research group based in Washington, D.C., offers some hypothetical examples of families whose tax liabilities would change if the AMT were "patched," i.e., if the exemption amount were increased for 2007.  MORE »