Charitable Gift Planning

Last-Minute Year-End Tax Deduction: IRA Charitable Rollover

Posted on: December 29th, 2015
If you plan to use the IRA Charitable Rollover provision for the 2015 tax year--make arrangements before year's end!...

2014 Tax Extensions – Limited Time Remains

Posted on: December 20th, 2014
With less than two weeks remaining in the 2014 tax year, Congress passed several tax extensions. The tax provisions were included in H.R. 5771 Tax Increase Prevention Act of 2014. ...

Year-End Gifting to Charities

Posted on: December 15th, 2014
The spirit of the holiday season is a generous one. According to the National Center for Charitable Statistics, “The last few months of the year make up what is commonly called the Giving Season for the nonprofit community.” ...

Gifting Trends Among Wealthy

Posted on: October 20th, 2014
How and why individuals choose to donate to charities are influenced by several factors. Tax incentives for charitable giving are believed to be driving gifting trends, but there are also personal values and family legacies to consider. ...

Avoid Charity Frauds

Posted on: December 28th, 2013
Many people in North Carolina try to take advantage of year-end tax deductions, including tax-deductible contributions to charities. Legitimate charities help serve many purposes in communities and for causes that may have personal meaning for those making donations. ...

3 Year-End Giving Tips: Use All Your Deductions

Posted on: December 23rd, 2013
The holiday season hits Americans just as the tax year is coming to an end. While most people are distracted with buying gifts for their friends and families, they could be enjoying tax deductions by making smart year-end gifts:...

More Tax Deductions Expiring End of 2013

Posted on: November 26th, 2013
If you have not yet consulted with your North Carolina tax attorney or CPA about several state deductions that are expiring (like the deduction for contributions to NC 529 College Savings Plans), over four dozen federal deductions scheduled to expire at the end of 2013 may prompt you to schedule a meeting soon. ...

Tax Tips for Charity Travel

Posted on: July 30th, 2013
Do you travel for charity? You may not be taking advantage of the many tax breaks that the federal government offers for charitable travel expenses. ...

What the Fiscal Cliff Deal Means for Retirement Accounts

Posted on: January 13th, 2013
The fiscal cliff deal has not only affected income and estate taxes, but it has also changed how retirement rollovers are handled....

Last Minute 2012 Financial Move

Posted on: December 6th, 2012
Last week the United States Treasury proposed new regulations for Charitable Remainder Trusts (CRTs), which affects the tax liability of distributions in 2013. ...

RA Charitable Rollover is Back

Posted on: January 23rd, 2011
There’s good news if you’ve reached age 70 1/2, and you have an IRA and philanthropic inclinations. Through 2011, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 resurrected the opportunity to make cash donations to IRS-approved charities directly out of your IRA....

Haiti Donations Qualify for 2009 Tax Deduction

Posted on: January 26th, 2010
IR 2010-012: WASHINGTON — People who give to charities providing earthquake relief in Haiti can claim these donations on the tax return they are completing this season, according to the Internal Revenue Service....

50 Resources for Starting a Charity

Posted on: December 9th, 2009
This posting on executivembaprograms.org has 50 links to other sites that provide information related to establishing and running a non-profit organization. ...

IRS Offers Tips for Year End Donations

Posted on: December 8th, 2009
From IR-2009-114 WASHINGTON — Individuals and businesses making contributions to charity should keep in mind several important tax law provisions that have taken effect in recent years....

Tax Court: Gifts to your own Private Foundation are Deductible

Posted on: November 17th, 2009
This courtesy of Professor Chris Hoyt of the University of Missouri (Kansas City) School of Law: ...

Tired of Your CRT? Sell It!

Posted on: July 24th, 2009
If you set up a Charitable Remainder Trust (CRT) in the past but now wish you could get a lump sum back from the trust, it may be possible to sell your interest in the trust. ...

Assignment of IRA by Estate to Charity is Not a Transfer

Posted on: July 8th, 2009
These are the facts from a recent Private Letter Ruling from the IRS: The Decedent had a "pour-over" will requiring that his probate estate be added to his living trust. ...

Charitable Trusts – Save Taxes While Benefiting Charity

Posted on: May 1st, 2009
There are two primary types of charitable trusts – charitable remainder trusts (CRTs) and charitable lead trusts (CLTs). CRTs are far more common, and are generally funded with a minimum of about $100,000 worth of assets....

Public Good IRA Rollover Act of 2009

Posted on: April 25th, 2009
This bill was recently introduced in the U.S. House of Representatives, and is for the expansion of IRA charitable rollovers, which are currently limited to those who have reached 70 1/2, may be no more than $100,000, and must go to a 501(c)(3) organization. ...

25th Anniversary of Triangle Community Foundation

Posted on: April 2nd, 2009
The Triangle Community Foundation (TCF) is holding a celebration tonight of its 25th anniversary (I’m pleased to say that I will be attending). The TCF is a tremendous asset to the greater Triangle area, providing millions of dollars annually in funding to local non-profits....

How Obama’s Budget May Affect Charitable Gifts

Posted on: February 27th, 2009
Probably an increase in 2010 and a substantial drop thereafter. From Professor Chris Hoyt of the University of Missouri (Kansas City) School of Law...

Teitell Urges More Favorable IRA Charitable Gift Rules

Posted on: January 12th, 2009
Conrad Teitell, one of the nation’s most foremost charitable gift planning attorneys, has, on behalf of the American Council on Gift Annuities and the National Council on Planned Giving, written Congress urging changes to IRA distribution laws:...

Finance Charity-Owned Life Insurance with your IRA

Posted on: January 5th, 2009
In a private Letter Ruling issued late in 2007, the IRS approved a clever technique to leverage a gift to your favorite charity using your IRA and life insurance. ...

House and Senate Bills have same IRA Charitable Rollover Provision

Posted on: September 29th, 2008
​Both the Senate’s Tax Extenders and Alternative Minimum Tax Relief Act of 2008 (H.R. 6049), which was passed on September 23, 2008, and the House’s Renewable Energy and Job Creation Tax Act of 2008 (H.R. 7060),...

For Tithing or Other Gifts to Church – Get Valid Receipt

Posted on: August 1st, 2008
If you regularly give to your church, make sure you get an acknowledgment letter that complies with IRS regulations – otherwise you are not entitled to deduct the gifts. ...

IRA Charitable Rollover and Other Tax Extensions Passed by House Committee

Posted on: May 19th, 2008
The House Ways and Means Committee passed H.R. 6049, the Energy and Tax Extenders Act of 2008, on May 15, 2008. ...

Continuation of $100,000 IRA Charitable Rollover Proposed

Posted on: April 22nd, 2008
On April 17, Senators Max Baucus (D-MT) and Charles Grassley (R-IA) introduced a bill for 2008 and 2009 which would extend certain tax laws until December 31, 2009. ...

IRS Allows Favorable Gift Treatment for S Corp

Posted on: March 5th, 2008
This from Professor Chistopher Hoyt at the UMKC Law School, with good news for S Corporation owners:...

New Charitable IRA Rollover Guidance

Posted on: January 15th, 2007
Professor Christopher Hoyt of the University of Missouri School of Law has proved a useful summary of IRS Notice 2007-7, 2007-5 IRB 1, which provides guidance about Charitable IRA Rollovers. ...

We Americans are Generous Folks

Posted on: October 10th, 2006
Below is a recent article by Will Swarts on SmartMoney.com: IF YOU THINK OF yourself as financially generous, you probably are, particularly if you’re part of the growing number of Americans whose investable net worth is anywhere from $100,000 to $3 million — the so-called mass affluent. This group’s ranks are growing, and so are their charitable donations. ...