By Sonja K. Johnson , Esq., Morrison &
family foundations have long been a popular vehicle for high net worth
individuals to take advantage of valuable tax planning opportunities while
maintaining ongoing involvement with the foundation's charitable giving activities. This...
A recent report from the Giving USA Foundation and the Center on Philanthropy at Indiana University shows that charitable giving nationwide rose 3.8% in 2010. This increase comes after two years of steep declines. The study estimates that donations from all sources, including individuals and businesses...
Taxpayers who claim income tax deductions for charitable
contributions must request and obtain the written acknowledgement from
the charity that the contribution was made. It is due by April 17, 2012,
the time the income tax return is filed. Failure to have the required
substantiation from the charity...
By Danielle T. Zaragoza ,
Esq., Morrison &
Not all charitable gifts are created equal, and a charity is
not required to accept any and all donations of property, especially property
that may be difficult to own or liquidate in furtherance of the charity's
purpose. For instance...
By David M. Watts, Jr.
If you are charitably inclined, there are tax-advantaged ways to make a gift to a favorite charity while enjoying the income from that gift for your lifetime. Many educational and charitable organizations offer plans that combine the benefits of an immediate income tax deduction...
By Philip B. Korb and Wendi L. Kotzen
For charitable organizations in Pennsylvania, obtaining and preserving real estate tax exemptions just got a little more difficult.
The Pennsylvania Supreme Court has ruled that the statute intended to clarify the requirements for real estate tax exemption cannot...
By Randy L. Varner
In a 4-3 decision, the Pennsylvania Supreme Court, in Mesivtah Eitz Chaim of Bobov, Inc. v. Pike County Board of Assessment Appeals, No. 16 MAP 2011 (April 25, 2012) (" Mesivtah") [ enhanced version available to lexis.com subscribers ], held that a property owner seeking...