By Genevieve M. Moore , of Morrison & Foerster LLP
The recent Tax
Court case, Estate of Gertrude H.
Saunders et al. v. Commissioner , 136 T.C. No 18 (April 28, 2011) [ enhanced version available to lexis.com subscribers ], serves as a good reminder that there are
limitations on the extent to which...
With the holidays upon us, it's time to do some planning that can help reduce your tax bill this year.
Contributing to your retirement plan is a fast and easy way to cut
your taxes, while building your nest egg. The federal limit for 401(k)
contributions this year is $16,500 if you are under...
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...
Caring for an elderly relative isn't just costly and time-consuming but could even be harmful to your own health. Some companies and nonprofits are rolling out free and low-cost professional help for family caregivers. The bottom line is that "families need help keeping their loved one safe...
By Jean C. Hemphill and Christopher A. Jones
The IRS has published welcome, long-awaited guidance regarding the deductibility of contributions made to a single-member limited liability company (LLC) owned by a charitable organization.
For a variety of reasons, tax-exempt charitable organizations...
By Joy S. MacIntyre , Morrison & Foerster LLP
In an earlier post we described
some of the tax benefits - and challenges - associated with donating corporate
securities to a family foundation or other private foundation. On the right facts, the donor in such a case
can claim a deduction equal to...