Posts Tagged: charitable deduction

Charitable Deduction Under Attack – AGAIN

How much does your nonprofit rely on donations from wealthy individuals? Many nonprofit leaders are asking themselves that very question right now. Once again, calls from both Democrats and Republicans threaten to limit the charitable deduction. In his proposed budget for fiscal year 2015 (which starts October 1, 2015), President Obama caps all itemized deductions …


Extending Time for Charitable Donations

Have you ever experienced the anxiety of making all of your charitable donations before December 31? The Charitable Giving Extension Act, introduced by House Ways and Means Committee member Mike Kelly (R-Pa), would allow you to focus on present giving during December. The Act would allow individuals to treat charitable donations made until April 15 …


Will High Admin Costs Mean No State Charitable Deduction?

What if high admin costs caused your nonprofit to lose the ability to take donations that received a state charitable deduction? The Oregon legislature is considering a bill that will do just that. The bill mandates that charities devoting less than 30% of their expenses to their charitable programs over three years will be required …


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 …


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 …


The “Buffet Rule” Preserves Charitable Giving Incentive

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 …