Senators Seek to Know Why Charitable Deductions Matter - The Charitable Deduction - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs, and ideas

Senators Seek to Know Why Charitable Deductions Matter - The Charitable Deduction - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs, and ideas: The two Senators leading the process of crafting legislation to overhaul the tax code announced Thursday that they are starting a “blank slate” that strips out all deductions, exclusions, and credits and are giving their colleagues a month to make their cases for why such tax breaks—including for charitable donations—should be maintaine

New York's nonprofit laws face makeover | Democrat and Chronicle | democratandchronicle.com

New York's nonprofit laws face makeover | Democrat and Chronicle | democratandchronicle.com: ALBANY — The laws governing New York’s nonprofit organizations could get their first major makeover in more than 40 years if Gov. Andrew Cuomo signs a bill passed late last week.

The AFP Blog: Good Signs for the Deduction...For Now...

The AFP Blog: Good Signs for the Deduction...For Now...: "Good Signs for the Deduction...For Now...
AFP has been a champion for the charitable deduction for some time now, and we’ll continue to be so.

Part of that is because Congress, despite all of our assumptions to the contrary, can move very quickly when it wants. An amendment can be added at the last minute that changes everything. We believe that, given our contacts on Capitol Hill, AFP would know of a situation ahead of time. But back-room deals and sudden amendments are still the norm."

'via Blog this'

Delaware lawmakers begin markup on proposed $43M in grants for nonprofits, community agencies - The Washington Post

Delaware lawmakers begin markup on proposed $43M in grants for nonprofits, community agencies - The Washington Post: DOVER, Del. — Legislative budget writers are beginning work on a bill to provide millions of dollars in grants to nonprofit organizations, community groups and volunteer fire companies.

Gov. Jack Markell has proposed $43 million in grants to nonprofit groups and community agencies for the fiscal year starting Monday.

India Soon to Enact Corporate Social Responsibility Requirements

India Soon to Enact Corporate Social Responsibility Requirements: n an effort to properly position the Indian economy for the remainder of the century, India is on the verge of replacing its fifty-seven-year old Companies Act of 1956 with the pending Companies Bill, 2012. Already passed in India’s lower house of parliament in December of 2012, the Companies Bill is expected to become law by the end of 2013.

Justice Department Freezes Funds for Big Brothers Big Sisters - Philanthropy Today - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs, and ideas

Justice Department Freezes Funds for Big Brothers Big Sisters - Philanthropy Today - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs, and ideas: government audit has found that Big Brothers Big Sisters co-mingled $19.4-million in tax dollars from the Justice Department with general funds, reports CBS News.

Because of the co-mingling of funds, the organization can’t show whether the money provided by the Justice Department was spent on the intended programs, according to the department’s inspector general. The Justice Department has frozen all funds to Big Brothers Big Sisters as result.

Protect Charitable Deductions for Stronger Communities

PhilanTopic: Congress is threatening to eliminate the charitable deduction as we know it -- at the expense of millions of people in need. Specifically, lawmakers on both sides of the aisle are talking about imposing a cap or limit on the value of the charitable tax deduction as part of a bigger effort to raise additional revenue and/or "simplify" the tax code.

Senate Finance Committee Releases White Paper on Tax-Exempt Organizations and Charitable Giving - NPQ - Nonprofit Quarterly

Senate Finance Committee Releases White Paper on Tax-Exempt Organizations and Charitable Giving - NPQ - Nonprofit Quarterly: Bipartisanship and cooperation does happen on Capitol Hill. Last week, the Senate Finance Committee produced a concise and readable review of options available to change regulation of tax-exempt organizations and charitable giving. The 19-page report is replete with numbered lists, bullet points, and links to source documents where each possible idea is explained in more detail. The document’s introduction states that it is a “joint product of the majority and minority staffs of the Finance Committee with input from Committee members’ staffs.”

Editorial: Taxing nonprofits: Not the way to go - Winston-Salem Journal: Editorials

Editorial: Taxing nonprofits: Not the way to go - Winston-Salem Journal: Editorials: Senate leaders say financially strong nonprofit hospitals don’t need sales-tax refunds on their purchases. They would, in effect, punish the entire nonprofit sector. First, their bill would eliminate the charitable deductions on our income tax bills. Second, it would cap at $100,000, by 2017, the size of the sales-tax refund that any nonprofit can take. Nonprofits pay sales taxes when they make purchases but file for refunds.

The financial damage does not stop with hospitals and the Red Cross. According to the N.C. Center for Nonprofits, about 250 major nonprofit organizations will be affected by reduction of the sales-tax refund in 2017, when it is fully implemented. Of those, about 90 are hospitals.

Senate Finance Panel Outlines Ideas for Changing Charity Rules - Government - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs, and ideas

Senate Finance Panel Outlines Ideas for Changing Charity Rules - Government - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs, and ideas: The Senate Finance Committee released a report Thursday outlining options for overhauling laws governing the activities of tax-exempt organizations and the value of charitable deductions.

“Tax reform provides an opportunity to evaluate the effectiveness of charitable-giving incentives and the tax benefits for organizations serving public interests,” the document states.

Donors Lose Thousands to IRS for Inadequate Receipt - NPQ - Nonprofit Quarterly

Donors Lose Thousands to IRS for Inadequate Receipt - NPQ - Nonprofit Quarterly: Unfortunately, the church didn’t follow all components of the four-part test for gift receipts, as detailed in IRS Publication 1771. For each gift to a charity over $250, the charity must document in writing a bank record or written communication, which must be contemporaneous. (This means that you must receive the written acknowledgement before you file your federal income tax return for the year of the contribution or prior to the due date—including extensions—of the return.) The written acknowledgement must state the amount donated, and it must also state whether goods or services were provided by the charity in return. If so, it must state their value, and if the donor received “intangible religious benefits,” the written acknowledgement must state this as well.

Public benefit test - to be, or not to be?

Public benefit test - to be, or not to be?: I was reminded of these lines yesterday when Bernard Jenkin MP took to the stage as the latest in the line of Parliamentarians who have been offering their views about the future of charity regulation over recent weeks.

Jenkin made his entrance into the spotlight in his capacity as chairman of the Public Administration Select Committee which published its post-legislative scrutiny report of the Charities Act 2006 and the role of the Charity Commission.

The report contains some sensible recommendations worthy of support; not least its encouragement of a system allowing the Commission to fine charities which are late filing their accounts. But in several areas Jenkin’s committee seriously misunderstands the vital role played by charities in our country and the factors which drive public trust and confidence in the sector.

ND community groups promoting charitable donations | INFORUM | Fargo, ND

ND community groups promoting charitable donations | INFORUM | Fargo, ND: BISMARCK — North Dakota's five community foundations are coming together to promote charitable donations and new tax credits for contributors.

The program, NDgives, aims to promote a new state law that allows for generous tax credits for individuals and businesses who give specific types of gifts to North Dakota charities. The law allows the North Dakota Charitable Income Tax Credit to be extended for three additional tax years if it cannot be used in one year.

INSIDE WASHINGTON : Conflicting laws and IRS rules feed confusion over tea party’s tax status - The Washington Post

INSIDE WASHINGTON : Conflicting laws and IRS rules feed confusion over tea party’s tax status - The Washington Post: WASHINGTON — A century of laws and rules curbing political activity by tax-exempt organizations has left us with this: One statute says to qualify, groups must engage “exclusively” in social welfare projects while a regulation eases the threshold to “primarily.”

Confused? So are President Barack Obama, the Internal Revenue Service and members of the very Congress that has been enacting contradictory laws on the subject for decades.

Calif. Drops Bill to Force Hospitals to Detail Charity Care - Philanthropy Today - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs, and ideas

Calif. Drops Bill to Force Hospitals to Detail Charity Care - Philanthropy Today - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs, and ideas: California lawmakers have shelved legislation that would have required nonprofit hospitals to provide details on their provision of charity care to justify maintaining tax-exempt status, reports the Associated Press.

SOI Tax Stats - SOI Bulletin: Spring 2013

SOI Tax Stats - SOI Bulletin: Spring 2013: SOI Tax Stats - SOI Bulletin: Spring 2013



Statistics of Income (SOI) Bulletin - Spring 2013 (entire publication in PDF)

Economic Policy Institute: Federal Sequester’s Effect on State Budgets - NPQ - Nonprofit Quarterly

Economic Policy Institute: Federal Sequester’s Effect on State Budgets - NPQ - Nonprofit Quarterly

Fixing the IRS: Clarify the Rules on Political Involvement - Tax Watch - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs, and ideas

Fixing the IRS: Clarify the Rules on Political Involvement - Tax Watch - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs, and ideas: Fixing the IRS: Clarify the Rules on Political Involvement

The controversy over the Internal Revenue Service’s handling of applications for tax exemption from conservative groups has put the tax agency in the hot seat.

The Chronicle invited nonprofit and legal experts to suggest remedies:

Today: Clarify the rules on political involvement