Current Edition of Exempt Organizations Update

Current Edition of Exempt Organizations Update: "Current Edition of Exempt Organizations Update


EO Update is a periodic newsletter with information for tax-exempt organizations and tax practitioners - attorneys, accountants, and others - who represent them, from Exempt Organizations (Tax-Exempt and Government Entities) at the IRS."

Charitable Deduction Limit: Bad For Art Nonprofits? : NPR

Charitable Deduction Limit: Bad For Art Nonprofits? : NPR: "Now, in an effort to reduce the deficit, President Obama hopes to limit the charitable deduction for the top income bracket. That is, wealthy donors who itemize would not be able to deduct as much from their income to owe less in taxes. Charities — which are already hurting from the economic downturn — are worried this will discourage potential donors."

Help generous Iowans trust charities | The Des Moines Register | DesMoinesRegister.com

Help generous Iowans trust charities | The Des Moines Register | DesMoinesRegister.com: "Iowans need a simple, state-based source for checking out a charity to be able to answer that question. The Iowa Legislature should provide it by finally passing the Charitable Solutions Act.

Proposed again this year by Iowa Attorney General Tom Miller, Senate Study Bill 1029 would allow the state to establish a registry of organizations."

U.S. Senate Passes 1099 Repeal- The NonProfit Times Feb 14, 2011

U.S. Senate Passes 1099 Repeal- The NonProfit Times Feb 14, 2011: "Amid all the bad news charities are getting lately, there is a glimmer of hope -- at least for the accounting departments. The U.S. Senate this past Wednesday approved an amendment that would repeal a measure that would require nonprofits to file a Form 1099 for any vendor with which they spend more than $600. The new rule is set to take effect in January 2012."

IRS Rules on Deductibility of Payments That Produce Transferable State Tax Credits | Planned Giving Design Center

IRS Rules on Deductibility of Payments That Produce Transferable State Tax Credits | Planned Giving Design Center: "The IRS has ruled that payments of cash or property to a state agency or charitable organization that produce transferable state tax credits are considered qualified charitable contributions under section 170 of the Internal Revenue Code and are not a payment of tax possibly deductible under � 164. Further ruled, in the case of transfers of property, such transfers are not considered a taxable disposition under section section 1001."

IRS Releases Revised Pub. 526 - Charitable Contributions | Planned Giving Design Center

IRS Releases Revised Pub. 526 - Charitable Contributions | Planned Giving Design Center: "The IRS has released a revised version of Publication 526 - Charitable Contributions for use in helping taxpayers prepare 2010 tax returns."

Ohio.com - Charities worry fewer will donate if tax is repealed

Ohio.com - Charities worry fewer will donate if tax is repealed: "Charities also are worried.

Attorney Richard Harris, who heads the trust and estate department at the Akron-based law firm Brouse McDowell, said the elimination of the tax may affect whether people donate to charity upon their death.

Today, many people make charitable contributions because of the dollar-for-dollar tax deduction provided. But if that incentive is gone, he asked, will people reduce the amount they give to charity?"

Estate tax repeal among 18 bills Ohio House GOP introduces to advance agenda | cleveland.com

Estate tax repeal among 18 bills Ohio House GOP introduces to advance agenda | cleveland.com: "COLUMBUS, Ohio - The new Republican majority in the Ohio House of Representatives introduced a plan to repeal the Ohio estate tax on Tuesday, along with other bills to advance an agenda they say is focused on job creation."

Puget Sound nonprofits lobby for cultural taxing districts | Puget Sound Business Journal

Puget Sound nonprofits lobby for cultural taxing districts | Puget Sound Business Journal: "Nonprofit groups want to leverage the economic impact of the arts to encourage state lawmakers to help create special cultural taxing districts.

The current version of the proposed bill, which has not yet been introduced, would create voter-approved taxing districts — called Cultural Access Funds — that would support access to arts and cultural organizations."

New Illinois Tax Increases Offer Only Modest Relief for Unpaid Charities - Government & Politics Watch - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs, and ideas

New Illinois Tax Increases Offer Only Modest Relief for Unpaid Charities - Government & Politics Watch - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs, and ideas: "Gov. Patrick J. Quinn is set to sign legislation to increase the state’s income and corporate taxes and help the state plug a budget hole of at least $13-billion.

That should make it somewhat easier for the state to pay its bills, including to charities that provide human services. Illinois has the worst record in the country when it comes to late payments for government contracts, according to a recent nationwide survey of nonprofits."

The Nonprofit Quarterly | @npquarterly | County Reconsidering Need for Audits

The Nonprofit Quarterly | @npquarterly | County Reconsidering Need for Audits: "anuary 9, 2011; Source:Star News | Nonprofits receiving a small amount of money from Brunswick County, N.C. may find themselves relieved of the burden of producing full-blown audits soon. The county is reviewing the practice of demanding an audit that could cost between $4,000 and $7,000 from small organizations receiving grants that are sometimes smaller than that cost."

Evangelical Groups Avoid Legislation, For Now- The NonProfit Times Jan 7, 2011

Evangelical Groups Avoid Legislation, For Now- The NonProfit Times Jan 7, 2011: "Three years after a senator's inquiry into finances of some of the nation's largest media-driven ministries, a new panel has been established to tackle significant issues as an alternative to Congress passing legislative reforms.

Sen. Charles Grassley (R-Iowa), ranking member of the Senate Finance Committee, requested the help of the Winchester, Va.-based Evangelical Council for Financial Accountability (ECFA), which today announced the Commission on Accountability and Police for Religious Organizations. The senator’s office this week released a review of activities and practices of six media-based Christian ministries and reports concerning other churches and religious organizations. According to Grassley, he wrote to the ministries in November 2007 after constituent inquiries to him because of his tax-exempt oversight responsibilities."

Heard on the Web: Planning For A Disappearing Estate Tax Break | Planned Giving Design Center

Heard on the Web: Planning For A Disappearing Estate Tax Break | Planned Giving Design Center: "Although a new $5 million estate tax break may be welcome news to many taxpayers, the provision is scheduled to expire at the end of 2012. Writing for Forbes, Deborah L. Jacobs discusses measures estate owners and their advisers are contemplating to plan for an uncertain future."

The Nonprofit Quarterly | @npquarterly | New Estate Tax Law Could Hurt Charity

The Nonprofit Quarterly | @npquarterly | New Estate Tax Law Could Hurt Charity: "December 28, 2011; Source:Forbes | A tax lawyer writing for Forbes suggests that the new tax bill's reinstatement of the estate tax isn't going to be much of an incentive for lifetime charitable giving or charitable bequests. Had the Bush tax cuts expired, the estate tax would have been reinstated with an exemption of $1 million per person and a tax rate of 55 percent. The compromise tax bill set the exemption from the federal estate tax at $5 million per person and the estate tax rate at 35 percent."

Impact of December, 2010 Tax Law Changes on Charitable Giving | Planned Giving Design Center

From December 2010 via PGDC

Impact of December, 2010 Tax Law Changes on Charitable Giving | Planned Giving Design Center: "On December 17 the president signed into law the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. This much-anticipated legislation features continuation of tax cuts that were scheduled to expire, extension of unemployment benefits, and other measures designed to stimulate the economy."