In Defense of Charitable Tax Deducations | Fox Business: Giving is a virtue under the U.S. tax code, but concern is growing among philanthropic leaders about the charitable contributions deduction, a key fund-raising tool for charities.
Worried that federal deficit-fighting efforts are putting a pinch on the tax break, dozens of United Way executives will visit Congress this week to plead their case.
Showing posts with label NPCharitableDeduction. Show all posts
Showing posts with label NPCharitableDeduction. Show all posts
Wednesday, February 13, 2013
Charitable Deduction | Independent Sector
Charitable Deduction | Independent Sector: LATEST NEWS
Ways and Means to hold hearing on charitable giving (NEW)
House Ways and Means Committee Chairman Dave Camp (R-MI) has announced that the Committee will hold a hearing to examine the itemized deduction for charitable giving as part of its work on comprehensive tax reform. The hearing is schedule to take place Thursday, February 14 in room 1100 of the Longworth House Office Building beginning at 9:30am. Independent Sector has accepted an invitation to share oral testimony before the Committee.
JCT report on the tax treatment of charitable contributions (2/11/13)
Ways and Means to hold hearing on charitable giving (NEW)
House Ways and Means Committee Chairman Dave Camp (R-MI) has announced that the Committee will hold a hearing to examine the itemized deduction for charitable giving as part of its work on comprehensive tax reform. The hearing is schedule to take place Thursday, February 14 in room 1100 of the Longworth House Office Building beginning at 9:30am. Independent Sector has accepted an invitation to share oral testimony before the Committee.
JCT report on the tax treatment of charitable contributions (2/11/13)
Congressman Calls For Hearing On Charitable Deduction - TheNonProfitTimes
Congressman Calls For Hearing On Charitable Deduction - TheNonProfitTimes: The charitable deduction is in congressional crosshairs again as Rep. Dave Camp (R-MI) called for a hearing on the topic on Feb. 14.
Camp, the chairman of the House Ways and Means Committee, announced Tuesday that he wants representatives from the charitable sector to testify to the Committee about how limits to the charitable deduction would impact nonprofits. Organizations have fought changes to the deduction in the past, and the hearing by the House Ways and Means Committee will give representatives from the sector another chance to explain why they believe it’s a bad idea to limit the deduction.
Camp, the chairman of the House Ways and Means Committee, announced Tuesday that he wants representatives from the charitable sector to testify to the Committee about how limits to the charitable deduction would impact nonprofits. Organizations have fought changes to the deduction in the past, and the hearing by the House Ways and Means Committee will give representatives from the sector another chance to explain why they believe it’s a bad idea to limit the deduction.
AFP eWire for February 12, 2013 | Volume 13, Number 7
AFP eWire for February 12, 2013 | Volume 13, Number 7: Special Announcement:
AFP President and CEO to Testify Before
House Ways and Means Committee on Thursday, Feb. 14.
AFP President and CEO Andrew Watt, FInstF, will testify before the House Ways and Means Committee about the charitable deduction on Thursday, Feb. 14. He will discuss the importance of the deduction beyond just the gifts it generates and ask Congress to look at the broader issues of philanthropy and partnerships. Click here to learn more about the hearing, and AFP will have more information about Andrew’s comments later this week.
AFP President and CEO to Testify Before
House Ways and Means Committee on Thursday, Feb. 14.
AFP President and CEO Andrew Watt, FInstF, will testify before the House Ways and Means Committee about the charitable deduction on Thursday, Feb. 14. He will discuss the importance of the deduction beyond just the gifts it generates and ask Congress to look at the broader issues of philanthropy and partnerships. Click here to learn more about the hearing, and AFP will have more information about Andrew’s comments later this week.
Tuesday, February 12, 2013
IU School of Philanthropy dean to testify before Congress on tax deductions for charitable donations: IU News Room: Indiana University
IU School of Philanthropy dean to testify before Congress on tax deductions for charitable donations: IU News Room: Indiana University: INDIANAPOLIS, Ind. -- Eugene R. Tempel, founding dean of the Indiana University School of Philanthropy and former president of the IU Foundation, has been selected to testify at a congressional hearing this week examining the impact of tax policies on charitable giving.
Monday, December 03, 2012
Patricia McGuire: Charity Must Prevail
Patricia McGuire: Charity Must Prevail: Now comes the spectre of a more frontal assault on charity -- the potential for a reduction in the charitable gift income tax deduction as part of the "fiscal cliff" negotiations. Reducing or eliminating the charitable gift deduction would devastate thousands of charities and crystallize the nation's long retreat from a clear national commitment to "habits of the heart."
Charities Would Lose $10-Billion Under Tax Cap, White House Says - Government & Politics Watch - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs, and ideas
Charities Would Lose $10-Billion Under Tax Cap, White House Says - Government & Politics Watch - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs, and ideas: Charities Would Lose $10-Billion Under Tax Cap, White House Says
December 3, 2012, 9:25 am
By Doug Donovan
President Obama won’ t support an annual limit on deductions, including those for charitable giving, as the White House issued an estimate that such a break would cost charities at least $10-billion a year.
That will come as a relief to nonprofit leaders who say such limits are essentially the same as ending charitable deductions.
December 3, 2012, 9:25 am
By Doug Donovan
President Obama won’ t support an annual limit on deductions, including those for charitable giving, as the White House issued an estimate that such a break would cost charities at least $10-billion a year.
That will come as a relief to nonprofit leaders who say such limits are essentially the same as ending charitable deductions.
Wednesday, November 28, 2012
Should the Charitable Tax Deduction Be Eliminated? - US News and World Report
Should the Charitable Tax Deduction Be Eliminated? - US News and World Report: Should the Charitable Tax Deduction Be Eliminated?
Policymakers are considering doing away with or reducing the tax break for charitable giving
Policymakers are considering doing away with or reducing the tax break for charitable giving
Thursday, November 15, 2012
Charitable Tax Breaks Could Take Hit During Lame-Duck Session Of Congress
Charitable Tax Breaks Could Take Hit During Lame-Duck Session Of Congress: Congress could choose to change the limitations on charitable tax deductions during its lame-duck session aimed at tackling expiring tax laws and automatic budget cuts, according to the Independent Sector.
President Obama has long proposed changes to charitable-giving tax breaks that would limit deductions to 28 percent for individuals earning more than $200,000 and married couples earning more than $250,000, according to Bloomberg. The current deduction limit is 35 percent.
President Obama has long proposed changes to charitable-giving tax breaks that would limit deductions to 28 percent for individuals earning more than $200,000 and married couples earning more than $250,000, according to Bloomberg. The current deduction limit is 35 percent.
Monday, November 12, 2012
The AFP Blog: Thinking Bigger—and Beyond—the Charitable Tax Deduction
The AFP Blog: Thinking Bigger—and Beyond—the Charitable Tax Deduction: On December 4th and 5th AFP will be participating in a lobby day on the hill with our partners in the Charitable Giving Coalition. If you’re in Washington, DC, those days, I strongly encourage you to participate!
Thursday, November 08, 2012
Donor-Advised Funds Surge Past Pre-Recession Highs - Planned Giving - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs, and ideas
Donor-Advised Funds Surge Past Pre-Recession Highs - Planned Giving - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs, and ideas: Donor-Advised Funds Surge Past Pre-Recession Highs
By Holly Hall
Donor-advised funds last year grew for the first time since 2007, the best year the funds had before the recession took hold, according to a study released today.
Using data from 652 organizations, the National Philanthropic Trust examined the performance of the funds, which allow people to set up charitable accounts, take an immediate tax deduction, and channel money to whatever charities they want whenever they want.
By Holly Hall
Donor-advised funds last year grew for the first time since 2007, the best year the funds had before the recession took hold, according to a study released today.
Using data from 652 organizations, the National Philanthropic Trust examined the performance of the funds, which allow people to set up charitable accounts, take an immediate tax deduction, and channel money to whatever charities they want whenever they want.
Monday, November 05, 2012
Bay Area nonprofits defend some tax breaks for the wealthy | California Watch
Bay Area nonprofits defend some tax breaks for the wealthy | California Watch: Bay Area nonprofits, which often advocate for some of the neediest Americans, are finding themselves the unlikely defenders of a politically unpopular stance: keeping some tax loopholes for the rich.
“It’s a paradox,” said Jan Masaoka, CEO of the California Association of Nonprofits, a coalition of more than 1,600 charities. “The nonprofit sector, which roots for the underdog, supports tax breaks to the wealthy because charitable deductions help us.”
“It’s a paradox,” said Jan Masaoka, CEO of the California Association of Nonprofits, a coalition of more than 1,600 charities. “The nonprofit sector, which roots for the underdog, supports tax breaks to the wealthy because charitable deductions help us.”
Bay Area nonprofits defend some tax breaks for the wealthy | California Watch
Bay Area nonprofits defend some tax breaks for the wealthy | California Watch: Bay Area nonprofits, which often advocate for some of the neediest Americans, are finding themselves the unlikely defenders of a politically unpopular stance: keeping some tax loopholes for the rich.
“It’s a paradox,” said Jan Masaoka, CEO of the California Association of Nonprofits, a coalition of more than 1,600 charities. “The nonprofit sector, which roots for the underdog, supports tax breaks to the wealthy because charitable deductions help us.”
“It’s a paradox,” said Jan Masaoka, CEO of the California Association of Nonprofits, a coalition of more than 1,600 charities. “The nonprofit sector, which roots for the underdog, supports tax breaks to the wealthy because charitable deductions help us.”
Wednesday, October 31, 2012
Charitable Deduction Isn’t ‘Loophole To Close’ - TheNonProfitTimes
Charitable Deduction Isn’t ‘Loophole To Close’ - TheNonProfitTimes: In the middle of an acrimonious election season, policymakers in Washington, D.C., are faced with a looming “fiscal cliff” and the very real possibility that their delay in dealing with a number of fiscal policies is finally catching up with the country.
The facts are stark and can be universally agreed upon: With the growth in entitlement spending and a tax code that grows more complex every year, this country faces a major need to look at all fiscal policy to determine what is the best path forward for long-term, sustained economic growth. Regardless of what mix of “revenue enhancements” and spending cuts are used, a healthy nonprofit sector will be a critical component to these changes.
The facts are stark and can be universally agreed upon: With the growth in entitlement spending and a tax code that grows more complex every year, this country faces a major need to look at all fiscal policy to determine what is the best path forward for long-term, sustained economic growth. Regardless of what mix of “revenue enhancements” and spending cuts are used, a healthy nonprofit sector will be a critical component to these changes.
Monday, May 14, 2012
Tax-Exempt Organization Deadline Nears - Forbes
Tax-Exempt Organization Deadline Nears - Forbes: It’s important to remember that loss of tax-exempt status can spell disaster for some organizations: not only does it mean that the organization must file income tax returns and pay tax but perhaps more importantly, it means that donors cannot take tax deductions for contributions. The ability to claim a deduction is often the motivation for individuals to make a charitable donation; without it, many potential donors may go elsewhere (or not give at all). That means it’s crucial to stay compliant.
For most tax-exempt organizations, the key date is May 15. That’s the filing deadline this year for calendar year tax-exempt organizations (otherwise, it’s the 15th day of the fifth month following the close of the tax year).
For most tax-exempt organizations, the key date is May 15. That’s the filing deadline this year for calendar year tax-exempt organizations (otherwise, it’s the 15th day of the fifth month following the close of the tax year).
Monday, March 12, 2012
U.S. should not reduce the rich's tax incentive to give to charity | NJ.com
U.S. should not reduce the rich's tax incentive to give to charity | NJ.com: I understand the president’s ongoing objective here: He is attempting to level the playing field such that individuals and families of all income levels can give to charity and receive equitable tax benefits. Although equity is a laudable goal in other areas, shouldn’t the objective of philanthropy instead be to maximize revenue paid to the social sector, thereby better capitalizing charitable organizations that seek to help our society’s most vulnerable?
Instead of reducing the tax incentives (or any incentives) of charitable giving, every effort should be made to incentivize wealthy Americans — those who can afford to give generously — to continue donating to tax-exempt organizations of their choice, especially those charities providing services to the needy.
Instead of reducing the tax incentives (or any incentives) of charitable giving, every effort should be made to incentivize wealthy Americans — those who can afford to give generously — to continue donating to tax-exempt organizations of their choice, especially those charities providing services to the needy.
Oklahoma House passes bill to keep charitable payroll deduction for state employees | NewsOK.com
Oklahoma House passes bill to keep charitable payroll deduction for state employees | NewsOK.com: State employees would continue to be able to make charitable contributions through payroll deductions under a measure approved Thursday by the House.
Friday, February 24, 2012
William Daroff: Now Is Not the Time to Discourage Charitable Giving
William Daroff: Now Is Not the Time to Discourage Charitable Giving: I was hopeful that the new White House budget released last week would be more friendly to charities and charitable tax deductions than the proposed budgets in past years. Yet I was once again disappointed. Fortunately, thanks to the overwhelming number of Members of Congress from both parties who understand the critical importance the tax code plays in incentivizing charitable contributions, it is unlikely that the proposal will become law.
Friday, February 17, 2012
White House Says Charitable Giving Won’t Be Hurt by Tax Plan - News - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs, and ideas
White House Says Charitable Giving Won’t Be Hurt by Tax Plan - News - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs, and ideas: White House Says Charitable Giving Won’t Be Hurt by Tax Plan
By Lisa Chiu
Washington
The White House on Thursday took pains to explain its recent proposals to limit the value of tax breaks that wealthy people can take for their charitable gifts.
Nonprofit leaders are concerned about two parts of Obama’s budget plan announced Monday: one that would limit write-offs for all itemized deductions, including those for charitable donations, to 28 percent for affluent people, compared with the 35 percent rate many wealthy people now pay; and the so-called Buffett Rule, which requires anybody with income of more than $1-million to pay at least 30 percent in taxes.
By Lisa Chiu
Washington
The White House on Thursday took pains to explain its recent proposals to limit the value of tax breaks that wealthy people can take for their charitable gifts.
Nonprofit leaders are concerned about two parts of Obama’s budget plan announced Monday: one that would limit write-offs for all itemized deductions, including those for charitable donations, to 28 percent for affluent people, compared with the 35 percent rate many wealthy people now pay; and the so-called Buffett Rule, which requires anybody with income of more than $1-million to pay at least 30 percent in taxes.
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