Tool on IRS.gov helps taxpayers research charities before making donations

When people are done giving thanks at the dinner table, many start another kind of giving. The annual Giving Tuesday happens the week after Thanksgiving to kick off the season of charitable giving. This year, Giving Tuesday falls on Tuesday, November 27.<?xml:namespace prefix = “o” ns = “urn:schemas-microsoft-com:office:office” /> Taxpayers may be able to deduct donations to tax-exempt organizations on their tax return. As people are deciding where to make their donations, the IRS has a tool that may help. … Continued

New Tool Provides More Information About Exempt Organizations

The IRS launched a new tool on IRS.gov that gives taxpayers fast and easy access to information about exempt organizations. The new Tax Exempt Organization Search replaces the EO Select Check tool. Here are some things taxpayers will find when they use the new TEOS tool: Images of an organization’s forms 990, 990-EZ, 990-PF and 990-T filed with the IRS. Initially, only 990 series forms filed in January and February 2018 will be available. New filings will be added monthly. … Continued

What Beats A Charitable Bequest Under The New Tax Law?

  The reason charitable trusts and gift annuities make more sense now than before the new tax law is that by increasing the standard deduction, the new law dramatically cuts the number of taxpayers who will benefit from itemizing deductions, including deductions for charitable donations. Still, the new law keeps the charitable deduction in place for itemizers. And it eliminates a pesky rule — the Pease provision — that limited deductions for high income taxpayers. Now by making a big … Continued

Why Nonprofits Should Weigh In on Proposals to Repeal Estate Tax – Non Profit News For Nonprofit Organizations | Nonprofit Quarterly

  Charites benefit from the estate tax because bequest gifts are not subject to it, creating an even stronger reason to leave a charitable bequest gift. Of course, individuals leave bequest gifts for many reasons, even if they are not subject to the estate tax. For example, one might be able to donate more at death to honor a cause or a charity one supported in life. Some people prefer to leave a bequest gift out of fear of running … Continued

Generally, for income tax purposes, the character of income that is distributed to t… | Bloomberg BNA

Charitable Remainder Trusts get Tricky Generally, for income tax purposes, the character of income that is distributed to the beneficiary of a charitable remainder trust (CRT) as an annuity or unitrust payment is preserved. However, this may not be the case for certain distributions for purposes of the new 3.8% tax on net investment income Generally, for income tax purposes, the character of income that is distributed to t… | Bloomberg BNA