As the year draws to a close, many taxpayers consider making charitable contributions. The Internal Revenue Service recently issued a Tax Tip outlining the top ten things it wants taxpayers to know before deducting charitable contributions.
Charitable contributions must be made to qualified organizations...
The holiday season coincides with the end of the tax year; therefore, many charities are asking for contributions. A recent Wall Street Journal article highlights some mistakes that people make when donating to charities during the holidays and suggests how to avoid them.
Giving on impulse can cause...
Non-profits are formed all the time to advance a purpose to better the world or support a cause. While the philanthropic goals are wonderful. the record-keeping behind them is often spotty or non-existent. The result of bad record keeping? The IRS has just revoked the tax exempt status of 275,000 charities...
An Interpretation of the Internal Revenue Code and
Treasury Regulations Supporting the Tax Deductibility of the Voluntary
Charitable Contribution in Perpetuity of a Partial Interest in an Appropriative
or Riparian Water Right Transferred Instream for Conservation Purposes (with an
Emphasis on California...
I. Introduction: Open Questions
in Federal Tax Law
Can the voluntary charitable contribution of an entire or partial interest in
either an appropriative or riparian water right be permanently transferred
instream for beneficial conservation purposes and receive federal income or
estate tax deductions...
By Luke R. Entelis
University Law Center (expected May 2012); B.A., The University of Michigan
Excerpt from Defending the Charity "Loophole":
How Criticism of Congressional Charities Falls Short, 24 Geo. J. Legal
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...
As reported by Forbes , the First Circuit recently reversed the Tax Court's
decision to disallow a charitable deduction for a facade easement under 26 U.S.C.S. § 170(h) . The Tax Court, in denying the deduction,
relied on 26 C.F.R. § 1.170A-14(g) , which establishes further