Is artist's colony a charity? MacDowell Colony is test - Boston.com

Is artist's colony a charity? MacDowell Colony is test - Boston.com: "Is artist's colony a charity? MacDowell Colony is test

December 21, 2006

MANCHESTER, N.H. --A legal battle over the MacDowell Colony's tax-exempt status hinges on whether its support of resident artists qualifies as charity, despite its limited access to the public."

Laurel Leader

Laurel Leader: "Leopold said last week he is pushing legislation that would require permits for such solicitation. The one-day permits, similar to the one-day liquor licenses the county now issues for special events, would be a 'disincentive' for panhandlers, Leopold said.

At the same time, he added, the permits would allow roadside fundraising by charitable groups.

'This is a public-safety issue,' Leopold said. 'People are walking in the roadway, crossing the street. People can get hit -- people have been hit.'"

IRS Issues Fall 2006 Statistics of Income Bulletin

IRS Issues Fall 2006 Statistics of Income Bulletin: "#
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The number of domestic private foundations that filed Form 990-PF for tax year 2003 increased by 4.2 percent to 76,348. After declining during tax years 2001 and 2002, the fair market value of total assets increased by 15 percent for tax year 2003. After declining for 3 consecutive tax years, revenue received also increased, with foundations reporting 74.2 percent more revenue in tax year 2003 than 2002. Although exempt from income tax, for tax year 2003, domestic private foundations reported nearly $332.6 million in excise tax liability.

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For tax year 2003, nonprofit charitable organizations exempt from income tax under Internal Revenue Code section 501(c)(3) filed over 263,000 information returns, an increase of 5 percent from the previous year. These organizations held nearly $1.9 trillion in assets, an increase of 10 percent from 2002, and reported $1.1 trillion in revenue, 70 percent of which came from program services and activities."

Congress passes bill to send money to fallen firefighters' kin

Congress passes bill to send money to fallen firefighters' kin: "Congress passes bill to send money to fallen firefighters' kin

By ERICA WERNER, Associated Press Writer

Saturday, December 9, 2006 08 33 AM


(12-09) 08:33 PST WASHINGTON, (AP) --

Congress passed legislation early Saturday to ensure the families of five firefighters killed in Southern California can get more than $1 million in donations despite an IRS snag."

Six important tax changes you may have missed - MarketWatch

Six important tax changes you may have missed - MarketWatch: "LOS ANGELES (MarketWatch) -- By its very nature, the holiday season brings a rush of activity which can quickly overwhelm even the most organized folks. So much to do, so much to plan for, so much to drive financial planning to the back burner.
As a result, many overlook financial opportunities and changes in the tax framework. That's especially true if you haven't studied the Pension Protection Act of 2006.
By name, it seems like a narrow piece of legislation targeted at the dwindling ranks of defined-benefit pensioners. Provisions indeed do address the uncertainty of their pensions. But this legislation is much broader with benefits for all of us.
The Pension Protection Act contains six important tax changes that you may have missed:"

New Guidelines for Payroll Deduction Contributions to Charities

New Guidelines for Payroll Deduction Contributions to Charities: "IR-2006-186, December 1, 2006

WASHINGTON — The Internal Revenue Service announced today new guidelines for taxpayers to follow to substantiate donations to charities that were made by payroll deductions.

'This makes it easier for businesses and individuals to support worthwhile charities without fear of losing the deduction,' said IRS Commissioner Mark W. Everson."