Gift annuities are simple, right? Right, except when certain questions arise. Questions such as: Is it all right to use a gift annuity transaction to satisfy an enforceable pledge previously made? – The IRS hasn’t said. Caution is warranted. Why? Because the only consideration a charity may furnish to the donor in a gift annuity …Read More
(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
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
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
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
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
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
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
“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
A charity’s gala dinner for friends and supporters involves two very important federal tax issues: How should the value of the benefit provided to an attendee be calculated? Who may pay for an individual’s place at the dinner? Calculating the value of an individual’s benefit. It’s clear, for example, that if an individual place at …Read More