Sharpe Blog

Sharpe Blog

Posted December 28th, 2015

A Prescription for Gift Receipts

(When Is a Gift Complete for Tax Purposes? Part II) The prescription is simple in principle, sometimes not so simple in practice: Stick to the facts. That’s it. It applies to all gift situations, and no one (especially a strong-willed donor) can argue rationally against it. Let’s look at some gift situations and see how to… read more

Posted December 18th, 2015

The President Has Signed the Tax Extenders Bill

12/18/15, 5:33pm EST We have received word that the President has signed into law the funding and tax deal that extends the charitable IRA rollover permanently. For details, click here. Below is some suggested donor language: Special tax-free IRA gifts For those aged 70½ or older, it is once again possible to make tax-favored charitable… read more

Posted December 18th, 2015

Charitable IRA Extension Has Passed the Senate

12/18/15, 11:53am CST The Senate has passed the bill that extends the charitable IRA rollover. Since it is widely expected that the President will sign in the next few days, we sent out an eblast with language you can use in donor communications. If you did not receive that and would like that information, please email… read more

Posted December 17th, 2015

The House Has Passed Bill Extending Charitable IRA Rollover

12/17/15, 4:21pm CST Earlier this afternoon, the House passed the “tax extenders” bill which includes a provision extending the charitable IRA rollover. The bill is expected to be voted on by the Senate on Friday, December 18. Currently, the bill is expected to pass the Senate and be signed into law by the President. More… read more

Posted December 16th, 2015

What’s Going on with the Charitable IRA Rollover?

Updated 12/18/15, 9:58am CST The IRA Rollover provision, which allows individuals over 70½ to make direct distributions from their IRAs to a qualified charity on a tax-free basis, is part of a larger bill that includes a number of popular provisions that are widely expected to be passed before the end of the year. In… read more

Posted November 30th, 2015

When Is a Gift Complete for Tax Purposes? Pt 1

Another way to ask the question is, what is the date of gift? This question is important for two reasons. First, the date of gift is the valuation date for federal income tax purposes. Second, the date of gift is the date on which the gift is made for tax purposes. In year-end giving, the… read more

Posted November 24th, 2015

A Helping of Gratitude, Please

Gratitude has always been said to be good for the soul. A recent NPR report on a study of health benefits of gratitude suggests that it’s good for the heart too. Every day, charitable organizations express gratitude for their donors. One of the most important things fundraisers do is thanking those supporters. Over the years,… read more

Posted November 16th, 2015

Reserving the Right to Revoke

Revoke what? Revoke the right of another to receive gift annuity or charitable remainder trust (CRT) payments. The right to revoke has one and only one purpose: to prevent the making of a gift for federal gift tax purposes1. Here’s an example: The donor, using her own assets, creates a gift annuity that is to… read more

Posted November 2nd, 2015

Just the Facts

“Just the facts, ma’am.” That’s what the Jack Webb character always said on Dragnet. The same applies to charitable gift planning, to donor situations, where the law is usually clear, but what’s often unclear are the facts. For example, a donor says, “I own a corporation that has some real estate. I’d like to give… read more

Posted October 20th, 2015

What Is the Law Concerning Gift Agreements?

“Gift agreement” means here a written agreement between a donor and a charity concerning endowment funds the donor will give to the charity. The typical endowment fund has a specified purpose and a name, most often the donor’s name. Many endowment fund gift agreements also contain a spending rate provision, which spells out how much… read more

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