OMB Watch, citing BNA, reports: Senate Finance Committe Chairman Charles Grassley (R-Iowa) said on Jan. 12 that he will propose new reforms for charitable and tax-exempt organizations later in 2006 beyond those in a pending tax reconciliation bill (S. 2020). However, reform likely will no be accomplished in a...
CURRENT AFFAIRS & OPINION
Martin Luther King, Jr.
I thought it might be appropriate today to post some quotes by Dr. Martin Luther King, Jr. Dr. King’s impact certainly extends to laws that affect nonprofit organizations, and the right, if not the responsibility, of nonprofit charitable organizations to lobby in furtherance of their respective missions. “Now, I...
IRS Commissioner Everson Speaks to Greater Washington Society of CPAs – December 14, 2005
The transcript of IRS Commissioner Mark W. Everson’s speech to the Greater Washington Society of CPAs can be found here. Commissioner Everson identified as one of the four key objectives of the IRS the deterrence of abuse within the tax-exempt and governmental entities sector and misuse of such entities...
Senate Legislation: Deductible Charitable Contributions for Non-Itemizers
The Tax-Relief Act of 2005 (S.2020), passed earlier this year by the Senate, would allow taxpayers who do not itemize deductions on their federal income tax returns to take a charitable contribution deduction for total cash contributions in excess of $210 ($420 for married couples filing jointly). This particular...
Senate Passes Tax Relief Act of 2005
The Senate passed the Tax Relief Act of 2005, with certain amendments, by a vote of 64 to 33 early this morning. The two California Senators were split; Sen. Diane Feinstein voted in favor of passage and Sen. Barbara Boxer voted against it. The following provisions are covered by...
Senate Finance Committee Approves New Giving Incentives and Charitable Reforms
On November 15, 2005, the Senate Finance Committee approved legislation containing provisions for charitable giving incentives and charitable reforms. Under the bill, which will next go to the full Senate, individuals who do not itemize deductions on their returns may deduct amounts that they donate to charities in excess...
New York Times Article – What Is Charity?
In the November 14, 2005 edition of The New York Times, Stephanie Strom’s article "What Is Charity?" asserts that hearings of the House Ways and Means Committee examining whether tax exemption is justified for certain types of nonprofits "have terrified nonprofit leaders, more than a Senate Finance Committee threat...
IRS Threatens to Revoke Exempt Status of Church for Antiwar Sermon
The Internal Revenue Service threatened to revoke the tax-exempt status of Pasadena’s All Saints Episcopal Church because of an antiwar sermon delivered two days before the 2004 presidential election. On June 9, 2005, the church received a letter from the IRS stating that "a reasonable belief exists that you...
Ways and Means Counsel Believes Wisespread Governance Reform Unlikely
According to a November 1, 2005 article published on the Planned Giving Design Center website, John Buckley, minority chief tax counsel for Ways and Means, in a program sponsored by the Emerican Institute of Certified Public Accountants, said that support for enacting sweeping charity governance reform measures in the...
Sen. Grassley Expected To Propose Tax Bill Provisions Limiting Charity Write-Offs
"…Senate Finance Committee Chairman Charles E. Grassley (R-Iowa) is expected to propose amendments to the tax-reconciliation bill — set to go to the Senate floor this month — that would limit a number of charitable write-offs. One proposal would tighten rules on appraisals of non-cash charitable donations, such as...