From new tax rates to fewer deductions, credits, and exclusions, the tax reform bill released by the House would have wide-ranging effects on the taxation of individuals.
This article is a semiannual review of recent developments in the area of individual taxation.
This article describes the requirements for an organization to meet Sec. 115(1).
A recent change in the law makes it easier for taxpayers to claim charitable deductions for food products donated to charity.
The burden of establishing fair market value of clothing and household items gifted to charity is on the taxpayer, but many have problems determining that value.
Exclusion of IRA "qualifying charitable distributions” can a powerful incentive to charitable giving.
A number of tax planning opportunities are available when gifting artwork, but donors should do their homework to avoid surprises.
The IRS withdrew proposed regulations that would have allowed charities to file information returns with the IRS and donors instead of providing contemporaneous written acknowledgments of charitable donations.
The IRS announced that it is withdrawing proposed regulations released last September that would have allowed charities to file information returns with the IRS and donors instead of providing contemporaneous written acknowledgments of charitable donations.
Most taxpayers are unaware of the stringent regulations that apply to the substantiation of noncash charitable contributions and do not furnish the required information.
The IRS will develop a specific-use information return for donee reporting.
Charities will be allowed to file information returns instead of providing contemporaneous written acknowledgment of charitable donations under proposed regulations issued by the IRS.
This article covers recent developments in the area of individual taxation, including the treatment of support payments and IRA and qualified plan distributions, the Sec. 469 material participation rules, and the taxability of state economic development credits.
The Tax Court held that taxpayers were not entitled to a charitable deduction for conveying a land preservation easement on their farm to a county to secure the county's permission to sell development rights related to the property to a third party.
A recent First Circuit decision will affect how the tax benefits of certain façade easements are litigated in the First Circuit and may result in appeals of some of the Tax Court’s recent easement holdings.
The amount of charitable contributions an individual can deduct in any one tax year is limited depending on the types of organizations to which the contributions were made, the kinds of property contributed, and the amount or value of the donated property.
There are various types of PTO donation and leave-sharing programs, not all of which are disaster-related. The tax treatment to the donating employee differs based on the type of program.
Earlier this year, the Tax Court highlighted how an apparently slight oversight in documentation can upend the interdependent relationship between donee and donor.
In response to the extraordinary damage caused by Hurricane Sandy and the extreme need for relief, the IRS has released guidance for employers who are considering adopting leave-based donation programs to aid the storm’s victims.
The IRS explained that contributions to disregarded SMLLCs wholly owned and controlled by a U.S. charity will be treated as if made directly to the U.S. charity.