With the enactment of the Emergency Economic Stabilization Act of 2008 (commonly referred to as the "bailout") on October 3, 2008, the IRA Charitable Rollover has been extended retroactively to cover distributions made in 2008 and 2009. See my earlier post on the IRA Charitable Rollover here. See Independent...
FUNDRAISING & CHARITABLE GIVING
IRS Releases Notice on Charitable Contributions of Inventory
On October 3, 2008, the IRS released Notice 2008-90, announcing that the IRS and the Treasury Department are studying the computation of the deductible amount and adjustment to cost of goods sold for charitable contributions of inventory property that constitute qualified contributions as defined in § 170(e)(3)(A) of the...
Disaster Relief (2008 Update)
For charities and contributors involved in disaster relief efforts, the IRS website includes an article that provides several helpful resources. The FAQs address the following areas: Providing relief through an existing charitable organization. Creating a charitable organization to provide disaster relief. Providing relief to employees of particular employers. Charitable...
Leona Helmsley’s Estate Creates a Stir in Nonprofit Sector
Nearly everyone is familiar with hotel mogul Leona Helmsley’s $12 million trust she willed to her dog, Trouble. What most people are unfamiliar with, however, is that the rest of her $5 – $8 billion estate may be left to a charity supporting dogs in need. The New York...
Retailers’ Embedded Giving Legislation
On December 19, 2007, Sen. Robert Menendez (D-NJ) introduced legislation to regulate embedded giving, a practice whereby retailers promise to donate a portion of the purchase price to one or more charities. The problem with embedded giving as highlighted by an article by Stephanie Strom in The New York...
IRA Charitable Rollover
The IRA Charitable Rollover, which provided individuals 70-1/2 years old and older with an annual exclusion of up to $100,000 from their gross income for qualified charitable distributions from IRAs, expired on December 31, 2007. Despite efforts by some legislators to get either a temporary or permanent extension of...
Western Museums Association Annual Meeting – Fractional Gifts
At this year’s Western Museums Association Annual Meeting, I had the great pleasure of joining Carolyn Hojaboom and Leslie Richardson, both CPAs with Moss Adams, for a panel presentation on "Legal Issues in Accounting." My portion of the program focused on the topic of fractional gifts, a hot topic...
Donor Restrictions Seminar – March 1, 2007
On March 1, The San Francisco Foundation presented, as part of its Professional Advisor Seminar Series, Donor Restrictions – What Will Your Clients Think of Next, featuring Erik Dryburgh, a highly respected attorney with Silk, Adler & Colvin. Erik focused both on donor issues and charity issues with respect...
New Nonprofit Law – IRA Charitable Rollover
Taxpayers 70½ years of age and older can make tax-free "qualified charitable distributions" of up to $100,000 annually from their IRAs (including Roth IRAs) in 2006 and 2007. A qualified charitable distribution is any distribution from an IRA directly by the IRA trustee to a public charity (or other...
New Nonprofit Law – Substantiation of Charitable Gifts
All cash gifts must be substantiated for a donor to take a charitable deduction. Substantiation may include a cancelled check or a written communication from the recipient charity showing the name of the charity, the date of the contribution, and the amount of the contribution. This new requirement, part...
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