Posts Tagged: charitable deductions

Year-End Charitable Contribution Tax Deduction Options

It’s time to think about year-end charitable contributions. For 2021, there are a plethora of enticing incentives for donors looking for a tax deduction for their donations. 100% Deductibility 2021 is the last year that cash donations to public charities (other than donor advised funds) will be deductible in amounts up to 100% of the …


How to Best Help Survivors of Typhoon Haiyan

Following the devastation wrought by Typhoon Haiyan, many are trying to figure out the most effective way to help. We’ll cut to the chase: it’s money. Often at times of disaster people want to donate new and used clothing, canned foods, and building supplies. Typhoon survivors need shelter, medicine, and food – NOW. They don’t …


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 …


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 …


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 …


Will Pease Disturb the Peace?

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 …