Change in tax breaks affects nonprofits | lansingstatejournal.com | Lansing State Journal

Change in tax breaks affects nonprofits | lansingstatejournal.com | Lansing State Journal: "Nonprofit businesses in Michigan have historically received their share of tax breaksunder various legislative provisions. However, some Michigan cities and townships recently have begun subjecting some of these businesses to property taxation because of severe state and local budget issues."

PUBLIC POLICY UPDATE - SUMMER 2010 - AFP

PUBLIC POLICY UPDATE - SUMMER 2010 - AFP: "PUBLIC POLICY UPDATE - SUMMER 2010
IRA Rollover Provision Extension Remains in Limbo
Summary:

The IRA Rollover provision expired on Dec. 31, 2009. Congress has been working on a tax extenders bill that would extend several expiring tax provisions, including the IRA Rollover. The bill would extend the provision through Dec. 31, 2010. Unfortunately, the Senate has lacked the votes necessary to move this bill forward."

Seven Steps For 2010 Heirs - Forbes.com

Seven Steps For 2010 Heirs - Forbes.com: "Unless Congress restores the estate tax retroactively this year, vast sums will pass free of both estate tax and the generation-skipping transfer tax (on assets given to grandchildren). Under a 2001 law, these taxes are scheduled to return Jan. 1 at unfavorable rates that applied 10 years earlier. At that point, the amount that is exempt from each of these taxes will be $1 million, and the tax on the rest will be 55% (60% in a certain phase-out range). In contrast, the tax-free amount last year was $3.5 million, and there was tax of 45% on anything else not going to a citizen spouse or to charity. (For advice on how to deal with the return of the estate tax, click here.)"

Social Innovation Fund Acts to Fend Off Bias Charges - Government - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs, and ideas

Social Innovation Fund Acts to Fend Off Bias Charges - Government - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs, and ideas: "August 23, 2010
Amid Concerns of Favoritism, Federal Officials Disclose New Details on Selection Process
By Suzanne Perry
Moving to defuse a brewing controversy over how it awarded $50-million in Social Innovation Fund grants last month, the federal government has posted online the applications of the organizations that won the money, along with the ratings and comments they received from reviewers."

The Nonprofit Quarterly | @npquarterly | Nonprofit Newswire | More Fees for Nonprofits in Minn.

The Nonprofit Quarterly | @npquarterly | Nonprofit Newswire | More Fees for Nonprofits in Minn.: "August 24, 2010; Source: St. Cloud Times | Advance warning to St. Cloud, Minn. nonprofit property owners: You will be paying a Street Light Utility fee starting January 1st. Nonprofits in St. Cloud already knew that the city had removed the cost of streetlights from property taxes—nonprofits are theoretically exempt from property taxes—and instead created a fee that could be charged to for-profit and nonprofit property owners alike."

Canadian Fundraiser eNews - Article 7

Canadian Fundraiser eNews - Article 7: "New disbursement quota rules and their implications

Tucked away in the latest federal budget were several proposed provisions which will radically impact the way that charities manage their donations. These provisions, which reform and substantially simplify the existing disbursement quota rules, should dramatically impact the conversations that gift planners (and all fundraisers) have with their prospective donors.

Thankfully, Canadians will be returning to those halcyon days when “DQ” meant a trip to the local Dairy Queen for some tasty soft-serve. While the elimination of the most onerous disbursement quota provisions should be thunderously applauded, we need to understand what these changes truly mean when we sit down with our supporters and discuss their next gift."

California bill would require more transparency in university foundation fundraisers - latimes.com

California bill would require more transparency in university foundation fundraisers - latimes.com: "Reporting from Sacramento —
California university foundations would have to disclose more information on fundraisers such as one headlined recently by former Alaska Gov. Sarah Palin under a measure that passed the Legislature on Thursday."

Estate Planning: The Great GRAT Debate - Forbes.com

Estate Planning: The Great GRAT Debate - Forbes.com: "The prospect of a government attack on a popular estate-planning technique, referred to as a grantor retained annuity trust, or GRAT, has been a topic of much discussion among wealth advisors and tax professionals over the past several months. President Obama drew attention to the technique in his 2011 budget proposals, and provisions targeting 'short-term' and 'rolling GRAT' techniques have been included as revenue offsets in legislation passed by the House."

Bill seeks scrutiny for university nonprofits - Top Stories - fresnobee.com

Bill seeks scrutiny for university nonprofits - Top Stories - fresnobee.com: "SACRAMENTO -- Foundations and auxiliary organizations linked to California's public colleges and universities would be subject to increased scrutiny under a bill approved Monday by the state Assembly."

Legal fears delay Northern Ireland charity legislation - Third Sector

Legal fears delay Northern Ireland charity legislation - Third Sector: "Introduction of Charities Act delayed after lawyers claim discrepancies over the definition of public benefit

The implementation of Northern Ireland's Charities Act will be delayed, and the legislation might be rewritten, after lawyers warned it was open to legal challenge because it combines Scottish law with legislation that applies to England and Wales."

WebCPA - Tools and Resources for the Electronic Accountant - An Investcorp and SourceMedia Publication

WebCPA - Tools and Resources for the Electronic Accountant - An Investcorp and SourceMedia Publication: "Speaking at the IRS Tax Forum in New York on Thursday, Patrick Leahy, an attorney with the IRS’s estate and gift tax division in Manhattan, told an audience of tax preparers they don’t have to file the Form 706, the U.S. Estate (and Generation-Skipping Transfer) Tax Return.

“If you file a 706 to the IRS Service Center,” he warned, “we will rapidly return it to you because we don’t have a place to put them.”"

IRS Offers One-Time Special Filing Relief Program for Small Charities; Oct. 15 Due Date to Preserve Tax-Exempt Status

IRS Offers One-Time Special Filing Relief Program for Small Charities; Oct. 15 Due Date to Preserve Tax-Exempt Status: "RS Offers One-Time Special Filing Relief Program for Small Charities; Oct. 15 Due Date to Preserve Tax-Exempt Status


Video: Small Tax Exempt Org Revised Filing Deadline

IR-2010-87, July 26, 2010

WASHINGTON — Small nonprofit organizations at risk of losing their tax-exempt status because they failed to file required returns for 2007, 2008 and 2009 can preserve their status by filing returns by Oct. 15, 2010, under a one-time relief program, the Internal Revenue Service announced today."

Clay Center Dispatch

Clay Center Dispatch: "The 125-page list of Kansas organizations facing revocation contains more than 3,000 names. Some names may be defunct organizations, such as Ray Mays Golden Nugget Boys Ranch listed as Rt. 2 Wakefield, a project from the 1970s that never materialized."