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Tax / Tax / Estate & Succession Planning
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| Estate & Succession Planning |
Recent Developments Affecting Tax-Exempt Entities - 08/01/07
Tax
August 1, 2007
Also in this alert: Congressional Actions and IRS/Treasury Actions
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"IRS Overhauls Old Form 990" 06/26/07
Tax
June 27, 2007
In this alert we dicuss the implications of the revised Form 990 and an overview on the revisions.
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IRS Discussion Draft of Good Governance Guidelines - 03/13/07
Tax
March 13, 2007
The Internal Revenue Service has floated a discussion draft of good governance practices for Section 501(c)(3) organizations. Although still preliminary, and not approved at an official level, the guidelines are worthy of review nonetheless.
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IRS Report Released on Executive Compensation Study - 03/05/07
March 5, 2007
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Estate Planning Ideas for 2007 - 02/07
Tax
February 22, 2007
Numerous developments have recently occurred that may affect our clients' estate planning. The 2006 Congressional elections may have a significant impact on those subject to the estate tax. Other trends include new uses for revocable trusts, the increasing interest in protecting one's assets, and the continued need for business owners to plan for succession.
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New IRS Notice: Interim Guidance Regarding Supporting Organizations and Donor Advised Funds - 12/06/06
Tax
December 6, 2006
On December 4, 2006, the Internal Revenue Service issued Notice 2006-109 with interim guidance for supporting organizations and donor advised funds, in light of the new legislation enacted as part of the Pension Protection Act of 2006.
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Pension Reform Bill Containing Charitable Provisions Signed into Law - 08/17/06
Tax
August 17, 2006
M. Todd Wade
On August 17, 2006, President Bush signed the Pension Protection Act of 2006 into law. The bill, H.R. 4, was passed by Congress on August 3, 2006, and includes many provisions that pertain to charitable organizations and charitable giving. Those provisions are briefly summarized below. More detailed information is available upon request.
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Congressional Report Proposes Dramatic Changes for Nonprofit Organizations - 02/24/05
Client Alert: Tax
February 24, 2005
In a recent congressional report, the Joint Committee on Taxation (the "Committee") found that tax abuses are costing the federal treasury more than $370 billion in lost revenue annually. The 430-page report, entitled "Options to Improve Tax Compliance and Reform Tax Expenditures," identifies tax abuses by nonprofit organizations as a significant contributor to the loss of revenue. In this Alert we discuss several of the proposals for new legislation reforming tax-exempt laws and oversight.
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Time Extended to Claim Charitable Deduction for Aid to Tsunami Victims - 1/13/05
Tax
January 13, 2005
Time Extended to Claim Charitable Deduction for Aid to Tsunami Victims
In the aftermath of the Indian Ocean earthquake and tsunami disaster that has devastated hundreds of thousands, many wish to help through donations to disaster relief organizations. On January 7, 2005, President Bush signed H.R. 241, which provides that charitable cash contributions made in January 2005 for the purpose of aiding tsunami victims, that otherwise meet the requirements for charitable contribution deductions, may be claimed as charitable contributions on 2004 federal tax returns.
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IRS Allows Exception from Unrelated Business Income Tax for Internet Sites Associated with Trade Shows - 12/20/04
Tax
IIn this alert, we discuss the IRS's recent revenue ruling, which determined that income from certain website activity carried out by trade associations in conjunction with trade shows was not subject to unrelated business income tax ("UBIT").
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Internal Revenue Service's Exempt Organizations Division will Increase Focus on Enforcement for Fiscal Year 2005 - 11/30/04
Tax
November 30, 2004
In a letter to exempt organizations and tax practitioners, the IRS' Exempt Organizations Division recently announced that in fiscal year 2005 it plans to increase its focus on "exempt organizations to stem the growing tide of abuses within the tax-exempt community." Specifically, the IRS will dedicate nearly one third of its examination resources toward the excessive compensation initiative, credit counseling agencies, anti-terrorism efforts and abusive tax avoidance transactions. This objective represents a 27 percent increase from year 2004 in the resources dedicated to enforcement of these four areas.
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American Jobs Creation Act of 2004: New Penalties Imposed on Participants in Abusive Tax Shelters - 11/23/04
Tax
November 23, 2004
The American Jobs Creation Act ("2004 Jobs Act"), signed by President Bush on October 22, 2004, includes a number of provisions designed to eliminate abusive tax shelters. In this issue of the Tax Client Alert, we discuss these provisions implemented by the new act that are generally effective after October 22, 2004.
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American Jobs Creation Act II - 11/15/04
Tax
November 15, 2004
Richard L. Arenburg
On October 22, 2004, the American Jobs Creation Act was signed into law, making substantial changes to the rules regarding deferred compensation plans and arrangements including those of tax-exempt organizations and governmental entities. Generally, the Act places restrictions on the timing and form of deferral elections, the timing of distributions and non-U.S. funding arrangements. Failure to satisfy the Act can make deferred income immediately taxable.
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American Jobs Creation Act of 2004 Enacts New Substantiation Rules Limiting Charitable Contributions of Qualified Vehicles - 11/12/04
Tax
November 12, 2004
The American Jobs Creation Act ("2004 Jobs Act")#, signed by President Bush on October 22, 2004, enacted new substantiation requirements that apply to deductions for the charitable contribution of qualified vehicles (used automobiles, boats, or airplanes, other than inventory).# The new substantiation rules apply to the donation of vehicles with a claimed value that is greater than $500. For donations of such vehicles, no deduction is allowed unless the taxpayer substantiates the contribution by including an acknowledgement from the donee organization with the tax return on which the deduction is claimed. The amount of the deduction may be limited to the gross sales proceeds received from the sale of the vehicle by the donee organization. The new substantiation requirements are effective for contributions of qualified vehicles made after December 31, 2004.
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Estate Planning Alert for Maryland Residents - 07/04
Tax
The State of Maryland recently enacted legislation that may have a considerable impact on the estate plans of many Maryland residents. Under this law, which was signed on May 26, 2004, the Maryland estate tax exclusion was frozen at $1,000,000 for decedents dying after December 31, 2003.
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Tax-Deferred Exchanges - 11/03
Tax & Financial Institutions
Tax deferred exchanges have become one of the most frequently used tax planning strategies involving the disposition of real property and in many instances personal property. Our Financial Institutions practice has created a guide on how Banks can take advantage of these strategies.
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