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28 Aug 2014 | 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, the applicable federal rate under section 7520 for September 2014 is 2.2%; Stable with the last three month's rates.

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24 Jul 2014 | IRS Forms | National Publication | News story

Need to learn more about Form 1023-EZ? Check out this helpful video posted by the IRS about the new shorter application form to help small charities apply for 501(c)(3) tax-exempt status.

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23 Jul 2014 | IRS Forms | National Publication, Richard L. Fox, Esq. | Article | 2 comments

Richard Fox Digs deeper into the new 1023-ez, especially exploring the retroactive reinstatement provisions.

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When is an irrevocable trust revocable? The recently adopted Uniform Trust Code (UTC) was supposed to make all of this more clear, but a recent case in New Mexico has muddied the waters for all practitioners.

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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 July 2014 is 2.2%; Stable with last month's rate.

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2 Jul 2014 | IRS Forms , | Revenue Procedures | National Publication | News story | 1 comments

The Internal Revenue Service today introduced a new, shorter application form, Form 1023-EZ, to help small charities apply for 501(c)(3) tax-exempt status more easily.

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The court once again attacks a faulty easement donation on a number of fronts. It seems clear that the court continues to focus on perceived abuses in this complex area. 

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17 Jun 2014 | IRS Forms | National Publication, David Wheeler Newman | News story | 1 comments

The IRS has issued a preliminary draft of a dramatically shorter application for tax exemption of charitable organizations.  If this draft is eventually approved by the IRS and made available for public use, it would greatly simplify the process for gaining IRS...

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28 May 2014 | 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, the applicable federal rate under section 7520 for June 2014 is 2.2%; Back to prior norms.

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C. Scott Meyer presents an intriguing analysis of the Atkinson case, one that involved a poorly managed and maintained CRT.

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In a recent Tax Court Case, a Massachusetts couple were denied charitable income tax deductions for easements they granted for two properties located in a dedicated Boston Historic District. While there were other tax issues in the case, as well, the issue of the...

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15 May 2014 | Letter Rulings | National Publication | News story

In a recent ruling, the tax court allowed the transfer of assets from a charitable trust to a private foundation that were both governed by substantially the same family. The courts still held, among other things, that there was no act of self-dealing, there were no...

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24 Apr 2014 | 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, the applicable federal rate under section 7520 for May 2014 is 2.4%; Up from 2.2%, last month's rate.

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The IRS has released a draft of a simplified application for tax exempt status under 501(c)(3), form 1023-EZ. Merely two pages long, it will only be allowed for charities with revenue less than $200,000 and will not be allowed for religious institutions, hospitals,...

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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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7520 Rates: Sep 2.2% Aug 2.2% Jul 2.2%

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Recent activity

New 1023-EZ Form Released: Streamlines Process for Eligible Small Charities to Apply for IRC Section 501(c)(3) Tax-Exempt Status and Seek Retroactive Reinstatement

Heard on the Web: New 1023-EZ Form Makes Applying to be Tax-Exempt Easier; Most Charities Qualify

IRS Proposes (Very) Short-Form Application for Charitable Tax Exemption

Appraisers (and Charities) Beware

BITCOIN Ruling a Death Knell?

IRS Warns Consumers of Possible Scams Relating to Hurricane Sandy Relief

Private Foundation Permitted to Own Hedge Fund

IRS Approves Private Foundation's Investment in LLC

Online Tool to Check Charitable Organizations

Issuance of Units from Organization's Endowment Fund to CRT Does Not Cause UBTI

Standard Automobile Mileage Rates for 2012

IRS Releases Publication on Donating Cars to Charity

Attorney Suggests Three Exceptions/Clarifications to Charitable Appraisal Rules

Donated Funds and Tax Liens

March 7520 Rate Increases to 3.0%

IRS Releases Revised Pub. 526 - Charitable Contributions