Income Tax

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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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Since 2010 the Patient Protection and Affordable Care Act (PPACA) has enabled many small employers that provide health insurance coverage for their employees have been eligible to claim a tax credit for premiums paid. However, many eligible churches and charities...

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29 Jul 2013 | Income Tax | National Publication | Article

The 3.8% Medicare tax on net investment income provides tax incentives for implementing certain charitable giving arrangements. In this comprehensive article from the August 2013 issue of Estate Planning, attorney Richard L. Fox of  the Philadelphia...

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15 Jul 2013 | Income Tax | National Publication | News story

From 2000 to 2012, at least one attorney helped terminate more charitable remainder trusts than he helped create. Times have changed and CRTs are heating up again, as the new 3.8% medicare surtax on capital gains has caught many investors unaware and looking for...

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20 Mar 2013 | Income Tax | National Publication | News story

Writing for the Urban Institute, C. Eugene Steuerle suggests extending the charitable deduction deadline is a move with precedent: the government has used it to encourage giving following a natural disaster. However, temporary laws have limited effect. Consider...

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Dating from the 1920's and well rooted in American tradition, the ministerial housing allowance, authorized by Section 107 of the Internal Revenue Code and which allows clergy to exclude the value of such allowances from their gross income, has survived various...

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11 Feb 2013 | Income Tax | National Publication | Article | 1 comments

Everybody wants to know how the changes in the 2013 tax laws will affect them. The reality is that most Americans won’t notice much of a change but rates will go up for more affluent Americans. In this article, charitable and wealth transfer consultant Dave Holaday...

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5 Feb 2013 | Income Tax | National Publication | Article | 1 comments

Although the American Taxpayer Relief Act of 2012 successfully preserved the charitable contribution income tax deduction, the victory was somewhat muted because of the phaseout of itemized deductions. However, according to David Wheeler Newman of Mitchell...

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7 Jan 2011 | Income Tax | National Publication | News story
In a letter to Senator Orin Hatch [R-UT], the IRS has issued guidance regarding how losses from fraudulent investment schemes are treated in charitable remainder trusts, IRAs and personal savings.
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1 Dec 2010 | Income Tax | National Publication | News story
Co-chairmen of President Obama's "National Commission on Fiscal Responsibility and Reform" Erskine Bowles and Alan Simpson today released a report entitled, "Moment of Truth". Among the plan's numerous provisions is the elimination of all itemized...
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1 Dec 2010 | Income Tax | National Publication | News story
Demos, the Economic Policy Institute (EPI), and The Century Foundation (TCF) have issued a collaborative report entitled "Investing in America's Economy - A Budget Blueprint for Economic Recovery and Fiscal Responsibility" that contains comprehensive tax...
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3 Aug 2010 | Income Tax | National Publication | News story

The Tax Policy Center of the Urban Institute and Brookings Institution has published an analysis of the expiration of the tax cuts enacted in the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) and the Jobs and Growth Tax Relief Reconciliation Act...

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17 May 2005 | Income Tax | National Publication | Article | 4 comments

Can a corporation be too generous? In this article, Laura Peebles, CPA, PFS, tax director at the national office of Deloitte & Touche, LLP, discusses a little known provision that may cause corporations that contribute "substantially all" of their assets to...

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13 Jan 2005 | Income Tax | National Publication | Article | 2 comments
As reported last week, President Bush has commissioned a panel to explore a complete overall of the federal income tax system. Shortly before the panel was announced, we received a request from a PGDC member to reprise an article Lynda Moerschbaecher had written back...
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6 May 2003 | Income Tax | National Publication | Technical Report

Examines the types of gifts that are deductible, how to determine the donor's allowable charitable income tax deduction, percentage limitation and reduction rules, substantiating deductions and compliance penalties.

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13 Dec 2002 | Income Tax | National Publication | Article
In March of 1999, the PGDC published an article regarding the effect of interest rates on charitable contribution deductions for various planned giving vehicles. Given the current low interest rate environment, we thought a reprise would be timely. In this expanded and...
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Most gift planners are aware that the deductible amount of a charitable gift may be reduced when depreciable property is involved; however, there has been little guidance providing planners with a practical summary of the applicable rules. In this edition of Gift...

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