AB 2855 is a bill that adds Section 17510.86 to the California Business and Professions Code which will impose financial disclosure requirements on nonprofits and significant enforcement provisions. The bill has (a) requirements related to a charity’s web site and (b) a required disclosure statement. Web Site Requirements. This bill would require an Internet web […]
Entries Tagged as 'charitable contributions'
Legislative Alert Assembly Bill 2855 Charitable Solicitations: Financial Disclosures
April 8th, 2016 · Comments Off on Legislative Alert Assembly Bill 2855 Charitable Solicitations: Financial Disclosures · AB 2855, charitable solicitations, financial disclosures, Form 990
Preserving the Charitable Contribution Deduction; Traps For the Unwary — Limits on Deductions Instructional Video
March 9th, 2016 · Comments Off on Preserving the Charitable Contribution Deduction; Traps For the Unwary — Limits on Deductions Instructional Video · charitable contributions, Charitable deduction
Preserving the Charitable Deduction Traps for the Unwary: Limits on Deductions. This instructional video covers the following topics: ● Factors that limit charitable contributions deductions ● 50% limitation ● Special 30% limitation; and 30% limitation ● 20% limitation ● Carryover of Charitable Contributions ● An example which applies these limitations
IRS Withdraws Proposed Gift Substantiation Regulations
January 27th, 2016 · Comments Off on IRS Withdraws Proposed Gift Substantiation Regulations · charitable contributions, Proposed Regulations, tax returns
A donor who claims a charitable contribution deduction for any contribution of $250 or more requires that the donor obtain substantiation in the form of a contemporaneous written acknowledgment from the charity. Under an exception to this requirement (Internal Revenue Code Section 170(f)(8)(D)), a contemporaneous written acknowledgment is not required if the charity/donee organization files […]
Charitable Contributions Acknowledgments
July 12th, 2013 · Comments Off on Charitable Contributions Acknowledgments · Charitable deduction, Charity
Donors cannot claim a tax deduction for any single contribution of $250 or more unless the donors obtain a written acknowledgement from the charity. The acknowledgment must be contemporaneous and can be sent via return e-mail when a donation is made. Typically charities send these written acknowledgments no later than January 31st of the year […]
Charitable Contribution Alert: Dot Your “i”s and Cross Your “t”s
March 16th, 2013 · Comments Off on Charitable Contribution Alert: Dot Your “i”s and Cross Your “t”s · Charitable deduction
Assume that you are an upstanding citizen and contribute generously, over $25,000, to your church in 2012. Assume further that your church, which is recognized as a 501(c)(3) organization, gives you a receipt that acknowledges and thanks you for your contribution. One detail: the receipt does not have a statement whether any goods or services […]
Donations of Non-Publicly Traded Securities: Private Foundations versus Public Charities
December 9th, 2011 · Comments Off on Donations of Non-Publicly Traded Securities: Private Foundations versus Public Charities · charitable contributions, Federal Income Taxes, Private foundations
Donors face a very basic tax question when donating non-publicly traded securities to charity. Which recipient generates a “better” tax deduction: a private nonoperating charitable foundation or a public charity? A public charity would include, for example a church or synagogue. Assume that the security is not held as inventory in the hands […]
Tags:charitable contributions·non-publicly traded securities·Private foundations
Nine Tips for Charitable Taxpayers
October 2nd, 2011 · Comments Off on Nine Tips for Charitable Taxpayers · Federal Income Taxes, Loss of Tax-Exempt Staus
The IRS posted its “Summertime Tax Tips on its website recently (IRS Summertime Tax Tip 2011-21). It includes useful points for taxpayers who make regular donations to charity or plan to make donations before the end of the year. If you make a donation to a charity this year, you may be able to take […]
Six Important Facts about Tax-Exempt Organizations
March 25th, 2010 · Comments Off on Six Important Facts about Tax-Exempt Organizations · Charity, employment taxes, Federal Income Taxes, Governance, intermediate sanctions
The IRS just published six important facts about tax-exempt organizations: reproduced in full below: Every year, millions of taxpayers donate money to charitable organizations. The IRS has put together the following list of six things you should know about the tax treatment of tax-exempt organizations. 1. Annual returns are made available to […]
Tags:charitable contributions·disclosure rules·donor lists·how to find tax-exempt organization·how to report inappropriate activities