Posts Categorized: Charitable Deductions

Republicans Seek to Protect the Charitable Deduction

Yesterday we told you about Democratic Senators’ proposals to cut charitable deductions. Now Republican Rep. David Reichert is spreading the word that Republicans don’t agree. In an interview with The Chronicle of Philanthropy, Reichert affirms that he has never supported a cap on the charitable deduction and neither have any of his Republican colleagues. He …

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Another Call for Reducing Charitable Deductions

Would your nonprofit survive if suddenly private donations dwindled? If the Senate Democrats have their way, you may be forced to find out. They want to reduce the value of itemized deductions, which includes the charitable deduction, taken by the wealthiest taxpayers. The Senate Democrats’ federal budget plan lays out several options to get this …

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The History of the Charitable Deduction

December 20, 2012 Posted by The Law Firm for Non-Profits, P.C. in Charitable Deductions, IRS, News

As happens intermittently in Congress, the charitable deduction is once again closing in on the chopping block. But before you get involved with the debate, have you ever wondered where the charitable deduction came from? The charitable deduction first appeared during World War I, when it was enacted to help charities survive the war since …

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Great News for Nonprofits with LLC Subsidiaries

July 31, 2012 Posted by The Law Firm for Non-Profits, P.C. in Charitable Deductions, Donations, IRS, News

501(c)(3) organizations frequently create single member limited liability companies to hold assets, some as subsidiaries to protect against risk. However, until now, the IRS would not state whether donations to these single member LLCs were deductible as charitable contributions. As of today, that has all changed. The IRS just released a notice that donations to …

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LEARN THE LEGAL PITFALLS OF NON-PROFITS

July 26, 2012 Posted by The Law Firm for Non-Profits, P.C. in Board, Charitable Deductions, Director Duties, Donations, Fundraising, IRS, News, Volunteers

Do you serve on a non-profit board? Or do you count non-profits among your clients? Charitable non-profits operate in a world of laws applicable only to them. The attorneys of the The Law Firm for Non-Profits will teach you how to spot potential legal pitfalls of non-profits before they erupt into disruptive legal problems or …

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The Devil is in the Details

July 5, 2012 Posted by The Law Firm for Non-Profits, P.C. in Charitable Deductions, Donations, IRS, News, Taxes

How carefully do you follow IRS rules when making a charitable donation? We’ve posted before about the importance of charities providing adequate acknowledgments to donors, but the duty isn’t just one-sided. If you are making a charitable donation, it is just as important for you to follow the rules. Wondering how bad it could be …

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