Charity Commission registers the first charitable incorporated organisations: The Lara Jones Charitable Foundation, founded in memory of an English teacher who died while backpacking in Cuba last year, is first to be approved
The Charity Commission has registered the first three charitable incorporated organisations, the new legal form for charities.
The regulator said 30 organisations had applied to it for CIO status.
Tuesday, January 08, 2013
Monday, January 07, 2013
Auditor: City should review nonprofit lease policies | UTSanDiego.com
Auditor: City should review nonprofit lease policies | UTSanDiego.com: San Diego should review whether to keep providing thousands of acres of space to nonprofit groups at little or no cost, a report to be discussed Monday by the city’s audit committee is recommending.
Fiscal cliff law brings mixed news to charitable organizations | TribLIVE
Fiscal cliff law brings mixed news to charitable organizations | TribLIVE: Charity leaders say they‘re relieved the tax law Congress passed on New Year‘s Day does not more severely limit the tax advantages of making donations.
The American Taxpayer Relief Act of 2012, which kept the country from going over the “fiscal cliff,” erases some uncertainty about tax rules that affect giving but still might impact charities and donors, the leaders said.
“There‘s some good in it and some bad in it for charities,”
The American Taxpayer Relief Act of 2012, which kept the country from going over the “fiscal cliff,” erases some uncertainty about tax rules that affect giving but still might impact charities and donors, the leaders said.
“There‘s some good in it and some bad in it for charities,”
More Estate Tax Changes Could Follow Fiscal Cliff Deal - Forbes
More Estate Tax Changes Could Follow Fiscal Cliff Deal - Forbes: As you may already have learned, in the first two days of 2013, Congress passed a tax compromise that averts the “fiscal cliff” and makes permanent the federal estate tax with an exemption of $5.12 million per individual and a tax rate of 40% for amounts over the exemption. But this news bite might leave you hungry for details about the estate tax, such as portability of the exemption, and the other wealth transfer taxes–the gift tax and the generation-skipping transfer tax. This post aims to answer your questions and serve as a useful resource.
Friday, January 04, 2013
Fiscal Cliff Legislation Extends Charitable IRA Rollovers Through 2013; Special Provision for 2012 Gifts | Planned Giving Design Center
Fiscal Cliff Legislation Extends Charitable IRA Rollovers Through 2013; Special Provision for 2012 Gifts | Planned Giving Design Center: H.R.8, the "American Taxpayer Relief Act" provides a special opportunity for Charitable IRA Rollover Gifts in 2012 if they are made in January of 2013 reports Memphis, Tennessee attorney Winton Smith. The new law also extends the Charitable IRA Rollover Gift for 2013 Rollover Gifts through December 31, 2013.
Thursday, January 03, 2013
Nonprofits Call Cliff Deal a Victory on Giving Incentives - Government - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs, and ideas
Nonprofits Call Cliff Deal a Victory on Giving Incentives - Government - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs, and ideas: Nonprofits Call Cliff Deal a Victory on Giving Incentives
By Doug Donovan
Nonprofit officials declared a victory in their advocacy to preserve the charitable tax deduction after Tuesday’s Congression�al vote to avert the fiscal cliff. But they remain frustrated that Congress did not resolve the $55-billion in federal spending cuts that are expected to hit social-service nonprofits particularly hard.
By Doug Donovan
Nonprofit officials declared a victory in their advocacy to preserve the charitable tax deduction after Tuesday’s Congression�al vote to avert the fiscal cliff. But they remain frustrated that Congress did not resolve the $55-billion in federal spending cuts that are expected to hit social-service nonprofits particularly hard.
Provisions in Fiscal Cliff Legislation Affect Exempt Organizations
Provisions in Fiscal Cliff Legislation Affect Exempt Organizations: Provisions in Fiscal Cliff Legislation Affect Exempt Organizations
January 2013
Reprinted from Exempt Organizations Advisory
On January 1, 2013, the House and Senate passed H.R. 8, The American Taxpayer Relief Act of 2012, a bill to avert the "Fiscal Cliff." The president is expected to sign the bill. [Editor's note: The president signed the bill after this article was written.] The bill contains a number of provisions of interest to tax-exempt organizations.
The bill raises marginal tax rates to a maximum of 39.6 percent for individuals with incomes over $400,000 and married couples filing joint returns with incomes over $450,000. The bill also raises capital gains and dividend rates from 15 percent to 20 percent for taxpayers above the same thresholds. In addition, the individual exemption amount for the estate tax remains at $5 million and is indexed for inflation. The maximum estate tax rate rises from 35 percent in 2012 to 40 percent for years beginning after December 31, 2012.
January 2013
Reprinted from Exempt Organizations Advisory
On January 1, 2013, the House and Senate passed H.R. 8, The American Taxpayer Relief Act of 2012, a bill to avert the "Fiscal Cliff." The president is expected to sign the bill. [Editor's note: The president signed the bill after this article was written.] The bill contains a number of provisions of interest to tax-exempt organizations.
The bill raises marginal tax rates to a maximum of 39.6 percent for individuals with incomes over $400,000 and married couples filing joint returns with incomes over $450,000. The bill also raises capital gains and dividend rates from 15 percent to 20 percent for taxpayers above the same thresholds. In addition, the individual exemption amount for the estate tax remains at $5 million and is indexed for inflation. The maximum estate tax rate rises from 35 percent in 2012 to 40 percent for years beginning after December 31, 2012.
ECFA Commission Concludes No New Rules Needed on Unreasonable Nonprofit Compensation
ECFA Commission Concludes No New Rules Needed on Unreasonable Nonprofit Compensation: About two years ago, Senator Chuck Grassley (R-IA), ranking member of the Senate Finance Committee, asked his staff to investigate media-based ministries and make recommendations about how to address self-dealing and questionable executive compensation levels and practices. Their recommendations were pretty dramatic: change which organizations are given nonprofit status by IRS, expand penalties on self-dealing, and establish new regulations to make sure that that nonprofits, particularly religious organizations, did not reward their leaders in an extravagant and excessive manner.
Rather than press for these legislative and regulatory changes, however, Senator Grassley asked the Evangelical Council for Financial Accountability (EFCA) to seek solutions that relied on self-regulation and not new laws. ECFA, in turn, formed the Commission on Accountability and Policy for Religious Organizations and broadened the focus to the entire nonprofit sector. About 80 representatives of the nonprofit sector were members of the commission and various committees. The committee produced a report, Enhancing Accountability for the Religious and Broader Nonprofit Sector, in December 2012.
Rather than press for these legislative and regulatory changes, however, Senator Grassley asked the Evangelical Council for Financial Accountability (EFCA) to seek solutions that relied on self-regulation and not new laws. ECFA, in turn, formed the Commission on Accountability and Policy for Religious Organizations and broadened the focus to the entire nonprofit sector. About 80 representatives of the nonprofit sector were members of the commission and various committees. The committee produced a report, Enhancing Accountability for the Religious and Broader Nonprofit Sector, in December 2012.
Fiscal Cliff Deal Allows Giving IRA Assets To Charity - Forbes
Fiscal Cliff Deal Allows Giving IRA Assets To Charity - Forbes: Act fast: the fiscal cliff deal has a special tax break for cash donated by seniors to charity in Jan. 2013.
It’s a variation on the so-called IRA charitable rollover–
It’s a variation on the so-called IRA charitable rollover–
Special Report: Everything Each NPO Must Know about Fiscal Cliff Legislation | Michael Rosen Says…
Special Report: Everything Each NPO Must Know about Fiscal Cliff Legislation | Michael Rosen Says…: Special Report: Everything Each NPO Must Know about Fiscal Cliff Legislation
A dysfunctional White House and Congress officially took the United States over the so-called “Fiscal Cliff” at the close of December 31. Fortunately, a deal was reached late on New Year’s Day, hopefully averting what economists say would have been an almost certain return to deep recession.
Since the American Taxpayer Relief Act of 2012 was passed, there’s already been a great deal of confusion and misinformation about what the Act means to the nonprofit sector.
A dysfunctional White House and Congress officially took the United States over the so-called “Fiscal Cliff” at the close of December 31. Fortunately, a deal was reached late on New Year’s Day, hopefully averting what economists say would have been an almost certain return to deep recession.
Since the American Taxpayer Relief Act of 2012 was passed, there’s already been a great deal of confusion and misinformation about what the Act means to the nonprofit sector.
Wednesday, January 02, 2013
Charitable Deduction Not Taken Down by the Fiscal Cliff - Press - AFP
Charitable Deduction Not Taken Down by the Fiscal Cliff - Press - AFP: IRA Rollover Provision Extended
There was some good news in the final fiscal cliff bill for charities. The tax extenders package, which includes the IRA Rollover provision, was included in the fiscal cliff bill. The IRA Rollover provision permits individuals ages 70� and older to give direct gifts up to $100,000 to qualified public charities from their Individual Retirement Accounts (IRAs) without tax penalty.
There was some good news in the final fiscal cliff bill for charities. The tax extenders package, which includes the IRA Rollover provision, was included in the fiscal cliff bill. The IRA Rollover provision permits individuals ages 70� and older to give direct gifts up to $100,000 to qualified public charities from their Individual Retirement Accounts (IRAs) without tax penalty.
Barnes County charity campaigns see record numbers | INFORUM | Fargo, ND
Barnes County charity campaigns see record numbers | INFORUM | Fargo, ND: VALLEY CITY, N.D. — Charity organizers throughout Barnes County say they've seen record donations this year as residents and businesses donated time and money to help those in need.
Fiscal Cliff Deal Preserves Charitable Deduction
CASE - United States: Fiscal Cliff Deal Preserves Charitable Deduction
Last night, the U.S. House of Representatives passed fiscal cliff legislation that preserves the charitable deduction and extends the estate tax and IRA charitable rollover. President Obama is expected to sign the bill into law.
Last night, the U.S. House of Representatives passed fiscal cliff legislation that preserves the charitable deduction and extends the estate tax and IRA charitable rollover. President Obama is expected to sign the bill into law.
New Regs on Payout Requirements for Type III Supporting Organizations That Are Not Functionally Integrated | Planned Giving Design Center
New Regs on Payout Requirements for Type III Supporting Organizations That Are Not Functionally Integrated | Planned Giving Design Center: Treasury has issued final and temporary regulations regarding the requirements to qualify as a Type III supporting organization that is operated in connection with one or more supported organizations. The regulations reflect changes to the law made by the Pension Protection Act of 2006 and will affect Type III supporting organizations and their supported organizations.
Fiscal Cliff Deal Could Hurt Charitable Giving - Government & Politics Watch - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs, and ideas
Fiscal Cliff Deal Could Hurt Charitable Giving - Government & Politics Watch - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs, and ideas: Fiscal Cliff Deal Could Hurt Charitable Giving
January 1, 2013, 4:26 pm
By Doug Donovan
Legislation the Congress passed Tuesday to avoid the fiscal cliff limits how much wealthy people can claim in deductions for charitable contributions and other spending when they itemize their tax returns.
The legislation raises the top tax rate to 39.6 percent on household incomes above $450,000 but maintains current rates for everyone else, or about 98 percent of all Americans. It also delays for two months the $110-billion in federal spending cuts scheduled for 2013.
January 1, 2013, 4:26 pm
By Doug Donovan
Legislation the Congress passed Tuesday to avoid the fiscal cliff limits how much wealthy people can claim in deductions for charitable contributions and other spending when they itemize their tax returns.
The legislation raises the top tax rate to 39.6 percent on household incomes above $450,000 but maintains current rates for everyone else, or about 98 percent of all Americans. It also delays for two months the $110-billion in federal spending cuts scheduled for 2013.
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