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."
Friday, December 22, 2006
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.'"
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.'"
Friday, December 15, 2006
IRS Issues Fall 2006 Statistics of Income Bulletin
IRS Issues Fall 2006 Statistics of Income Bulletin: "#
snip snip>>
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.
#
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."
snip snip>>
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.
#
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."
Monday, December 11, 2006
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."
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."
Wednesday, December 06, 2006
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:"
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:"
Monday, December 04, 2006
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."
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."
Tuesday, November 28, 2006
RedOrbit - Science - New Conservation-Easement Rules Spur Interest Here
RedOrbit - Science - New Conservation-Easement Rules Spur Interest Here: "New Conservation-Easement Rules Spur Interest Here
By Wilson, Rocky
Landowners here who've long considered the possibility of donating land to charity for tax purposes, or to preserve their land's uses well into the future, are exploring new federal conservation-easement legislation enthusiastically.
Chris DeForest, executive director of Inland Northwest Land Trust, of Spokane, says a 93-year-old Kootenai County woman who for years had considered donating land to the Spokane organization through a trust is saying the new incentives make this the right time.
After the new incentives were enacted, another individual who owned a prominent parcel of waterfront property at Newman Lake arranged with Inland Northwest Land Trust to protect the property from development, again through a trust. Within an hour of completing the transaction, the individual sold the property, knowing the land would be protected into the future, DeForest says.
Inland Northwest Land Trust is one of about six land trusts that operate in the Spokane County-North Idaho area, says DeForest. Small special-area land trusts here include the Dishman Hills Natural Area Association and the Loon Lake Land Conservancy. Large groups that negotiate conservationeasement agreements here are The Nature Conservancy, the Rocky Mountain Elk Foundation, and Ducks Unlimited, he says."
By Wilson, Rocky
Landowners here who've long considered the possibility of donating land to charity for tax purposes, or to preserve their land's uses well into the future, are exploring new federal conservation-easement legislation enthusiastically.
Chris DeForest, executive director of Inland Northwest Land Trust, of Spokane, says a 93-year-old Kootenai County woman who for years had considered donating land to the Spokane organization through a trust is saying the new incentives make this the right time.
After the new incentives were enacted, another individual who owned a prominent parcel of waterfront property at Newman Lake arranged with Inland Northwest Land Trust to protect the property from development, again through a trust. Within an hour of completing the transaction, the individual sold the property, knowing the land would be protected into the future, DeForest says.
Inland Northwest Land Trust is one of about six land trusts that operate in the Spokane County-North Idaho area, says DeForest. Small special-area land trusts here include the Dishman Hills Natural Area Association and the Loon Lake Land Conservancy. Large groups that negotiate conservationeasement agreements here are The Nature Conservancy, the Rocky Mountain Elk Foundation, and Ducks Unlimited, he says."
Monday, November 27, 2006
Federal Times-Nonprofit leaders propose a new agency
Federal Times: "Nonprofit leaders propose a new agency
By M.Z. HEMINGWAY
November 24, 2006
What the country needs is a new federal agency — one to support and regulate the growing sector of nonprofit organizations, say proponents of the idea.
Currently, the IRS is the lead agency for dealing with nonprofits — via the tax code — but there’s no agency primarily tasked with regulating or supporting nonprofit work.
“I’m beginning to ask whether we wouldn’t be wise to create a division within the Department of Commerce to promote the success of philanthropy the same way they promote the success of business,” Steve Gunderson, president of the Council on Foundations, said in a speech last month."
By M.Z. HEMINGWAY
November 24, 2006
What the country needs is a new federal agency — one to support and regulate the growing sector of nonprofit organizations, say proponents of the idea.
Currently, the IRS is the lead agency for dealing with nonprofits — via the tax code — but there’s no agency primarily tasked with regulating or supporting nonprofit work.
“I’m beginning to ask whether we wouldn’t be wise to create a division within the Department of Commerce to promote the success of philanthropy the same way they promote the success of business,” Steve Gunderson, president of the Council on Foundations, said in a speech last month."
Tags:
Wednesday, November 22, 2006
OMB Watch - Threat of Estate Tax Rollback Finished for 2006
OMB Watch - Threat of Estate Tax Rollback Finished for 2006: "Threat of Estate Tax Rollback Finished for 2006
Outgoing Senate Majority Leader Bill Frist (R-TN) admitted last week the Senate was unlikely to pass any permanent reduction to the estate tax in 2006, despite repeated attempts and rhetorical ultimatums from Frist and his allies.
Frist has insisted for months that the so-called Trifecta’s component parts - the first increase in the minimum wage since 1997, the extension of a package of popular tax credits, and a major rollback of the estate tax - would be voted on together as a package or not at all. But Frist appears unable to follow through on his threat. Last week, he admitted it was most likely the Senate would work on one or more of the individual parts of the Trifecta bill before finally adjourning for the year in December."
Outgoing Senate Majority Leader Bill Frist (R-TN) admitted last week the Senate was unlikely to pass any permanent reduction to the estate tax in 2006, despite repeated attempts and rhetorical ultimatums from Frist and his allies.
Frist has insisted for months that the so-called Trifecta’s component parts - the first increase in the minimum wage since 1997, the extension of a package of popular tax credits, and a major rollback of the estate tax - would be voted on together as a package or not at all. But Frist appears unable to follow through on his threat. Last week, he admitted it was most likely the Senate would work on one or more of the individual parts of the Trifecta bill before finally adjourning for the year in December."
Tags:
Monday, November 13, 2006
Texarkana Gazette: -In Our View: BINGO!
Texarkana Gazette: News and Classifieds From Texarkana, Texas/Arkansas: "In Our View: BINGO!
Saturday, November 11, 2006 12:35 PM CST
Without proper regulation, charitable
bingo could become big business
“A Constitutional Amendment providing that Bingo and Raffles, if conducted by authorized organizations (defined as nonprofit religious, educational, veterans, fraternal, service, civic, medical, volunteer rescue, volunteer fire, and volunteer police organizations), shall not be constitutionally prohibited as a lottery, provided the organization has been in existence five (5) years and net receipts are used only for charitable, religious, or philanthropic purposes.”
That’s what Arkansas voters passed on Tuesday by a 69 percent to 31 percent margin."
Saturday, November 11, 2006 12:35 PM CST
Without proper regulation, charitable
bingo could become big business
“A Constitutional Amendment providing that Bingo and Raffles, if conducted by authorized organizations (defined as nonprofit religious, educational, veterans, fraternal, service, civic, medical, volunteer rescue, volunteer fire, and volunteer police organizations), shall not be constitutionally prohibited as a lottery, provided the organization has been in existence five (5) years and net receipts are used only for charitable, religious, or philanthropic purposes.”
That’s what Arkansas voters passed on Tuesday by a 69 percent to 31 percent margin."
Tags:
Friday, November 10, 2006
AP Wire | 11/10/2006 | Ban delayed on use of paid workers for charity gambling
AP Wire | 11/10/2006 | Ban delayed on use of paid workers for charity gambling: "Ban delayed on use of paid workers for charity gambling
Associated Press
INDIANAPOLIS - State officials have decided not to enforce new rules prohibiting the use of paid workers at any gambling fundraisers by charities until after the upcoming legislative session.
Some charity groups are protesting the new regulations adopted Thursday by the Indiana Gaming Commission, saying the rules could make it impossible for them to organize any gambling events."
Associated Press
INDIANAPOLIS - State officials have decided not to enforce new rules prohibiting the use of paid workers at any gambling fundraisers by charities until after the upcoming legislative session.
Some charity groups are protesting the new regulations adopted Thursday by the Indiana Gaming Commission, saying the rules could make it impossible for them to organize any gambling events."
Tags:
Arkansans approve bingo for religious, charitable causes
Arkansans approve bingo for religious, charitable causes: "An Arkansas constitutional amendment legalizing charitable bingo and raffles passed Nov. 7, despite the efforts of Baptists to defeat it.
Amendment 1, which passed with 69 percent of the vote, will allow non-profit organizations to raise funds through bingo and raffles. It lifts a ban on such games, which were illegal under Article 19, Section 14 of the state constitution. The Arkansas Constitution also prohibits lotteries."
Amendment 1, which passed with 69 percent of the vote, will allow non-profit organizations to raise funds through bingo and raffles. It lifts a ban on such games, which were illegal under Article 19, Section 14 of the state constitution. The Arkansas Constitution also prohibits lotteries."
Tags:
Thursday, November 09, 2006
Is Estate Tax Repeal Dead Now? [Fool.com: Commentary] November 9, 2006
Is Estate Tax Repeal Dead Now? [Fool.com: Commentary] November 9, 2006: "Is Estate Tax Repeal Dead Now?
By Dan Caplinger
November 9, 2006
With election results pointing toward a change in control in Congress, political analysts will shortly be making a number of observations about the likely impact. Pundits are already pointing to potential legislative gridlock, and the hopes of passing certain pieces of legislation are rapidly fading."
By Dan Caplinger
November 9, 2006
With election results pointing toward a change in control in Congress, political analysts will shortly be making a number of observations about the likely impact. Pundits are already pointing to potential legislative gridlock, and the hopes of passing certain pieces of legislation are rapidly fading."
Tags:
Wednesday, November 01, 2006
keepMEcurrent.com - Government News - Current Publishing, LLC-Ethics panel eyes disclosure rules for nonprofits
keepMEcurrent.com - Government News - Current Publishing, LLC: "The state's Ethics Commission appears ready to open Pandora's box on when nonprofit organizations should be required to file disclosure forms on how much staff time or money they spend to influence the vote on ballot questions - an issue raised in a complaint against the conservative Maine Heritage Policy Center and its support of the Taxpayer Bill of Rights."
Tags:
FR Doc 06-8961-Anti-Terrorist Financing Guidelines: Voluntary Best Practices for U.S.-Based Charities
FR Doc 06-8961: "[Federal Register: October 31, 2006 (Volume 71, Number 210)] [Notices] [Page 63838-63848] From the Federal Register Online via GPO Access [wais.access.gpo.gov] [DOCID:fr31oc06-116] ======================================================================= ----------------------------------------------------------------------- DEPARTMENT OF THE TREASURY Anti-Terrorist Financing Guidelines: Voluntary Best Practices for U.S.-Based Charities AGENCY: Office of Terrorism and Financial Crime, Treasury. ACTION: Notice of updated guidelines. ----------------------------------------------------------------------- SUMMARY: The U.S. Department of Treasury (``Treasury'') is publishing an updated version of its Anti-Terrorist Financing Guidelines: Voluntary Best Practices for U.S.-Based Charities (``Guidelines'') along with a new Annex. The Guidelines were originally released in November 2002. A revised version of the Guidelines was published for public comment on December 5, 2005. Treasury received nine (9) comments on the revised Guidelines and, as explained below, made a number of additional revisions in response to those comments."
Tags:
Subscribe to:
Posts (Atom)