Posts Categorized: Charitable Deductions

Will Pease Disturb the Peace?

June 21, 2012 Posted by The Law Firm for Non-Profits, P.C. in Charitable Deductions, Congressional ax, Donations, News, Taxes

Nonprofit leaders throughout the country are holding their collective breath waiting for the answer. A few months ago, we told you about the charitable deduction limitation scare caused by Obama’s budget plan. The panic resided when Obama clarified that the charitable deduction was not being targeted for reduction. But the so-called “Pease” limitation is now …

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Read This Before Accepting Car Donations

March 8, 2012 Posted by The Law Firm for Non-Profits, P.C. in Charitable Deductions, Donations, Fundraising, IRS, News

Before your charity accepts a car donation, make sure the board understands the scope of the project. An improperly run car donation program can affect a charity’s tax-exempt status. IRS oversight of car donation programs often focuses on what a charity does with the donated cars. For example, if a charity uses donated cars to …

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Charitable Deduction Limitation Scare

February 22, 2012 Posted by The Law Firm for Non-Profits, P.C. in Charitable Deductions, Donations, News

A shock went through the nonprofit community last week when it was mistakenly believed that President Obama was moving to restrict incentives for charitable giving (which would not be surprising given President Obama’s track record). And although it now appears that this is not the case, leaders in the nonprofit sector are still concerned. The …

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Can I Raise Charitable Funds for My Friends?

February 14, 2012 Posted by The Law Firm for Non-Profits, P.C. in Charitable Deductions, Donations, IRS, News

We are often asked whether 501(c)(3) organizations can be established to raise funds for a particular person or persons. The answer is no. This was reconfirmed by the IRS last week with the release of a letter ruling reviewing an organization established to support three special needs children. The IRS ruled that it could not …

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The “Buffet Rule” Preserves Charitable Giving Incentive

February 6, 2012 Posted by The Law Firm for Non-Profits, P.C. in Charitable Deductions, Congressional ax, Donations, IRS, News

If you heard President Obama mention the “Buffet Rule” during his State of the Union address last week and worried whether the incentives for charitable giving would also be restricted, we now know that they will not. On February 1, Senate Democrats introduced the first proposed rule mirroring the Buffet Rule, officially named the “Paying …

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