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New IRS publication addressing charitable contribution substantiation and disclosure requirements

Mitchell Silberberg & Knupp LLP
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USA
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March 12 2012

The new version of Internal Revenue Service Publication 1771, Charitable ContributionsSubstantiation and Disclosure Requirements, emphasizes the importance of proper gift substantiation and disclosure for charitable organizations

Using UPMIFA to release and modify restrictions on charitable funds

Mitchell Silberberg & Knupp LLP
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USA
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February 10 2011

Many donors impose restrictions of various types on the funds they contribute to charity

"Automatic" excess benefit transactions - fringe benefits and other red flags

Mitchell Silberberg & Knupp LLP
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USA
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June 6 2011

At a recent nonprofit governance panel discussion, "Identifying and Managing Tax Risks," an IRS official indicated that the IRS is paying significant attention to unreported fringe benefits and other "automatic" excess benefit transactions that result in "intermediate sanctions

ACGA announces new rates for charitable gift annuities

Mitchell Silberberg & Knupp LLP
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USA
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May 9 2011

The American Council on Gift Annuities (ACGA) provides educational and other services to American charities regarding gift annuities and other forms of planned gifts

IRA required minimum distributions made in 2010 cannot be rolled over or reclassified to qualify as charitable distributions

Mitchell Silberberg & Knupp LLP
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USA
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January 13 2011

From 2006 to 2009, individuals aged 70-12 or older could annually distribute up to $100,000 tax-free from their IRA to charity, without including the distribution in gross income and taking a corresponding charitable deduction (subject to applicable limitations

IRS offers limited relief for small nonprofits

Mitchell Silberberg & Knupp LLP
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USA
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August 31 2010

The Pension Protection Act of 2006 made two important changes affecting tax-exempt organizations, effective January 1, 2007

California enforces new isolationist view on property tax exemptions for nonprofits

Mitchell Silberberg & Knupp LLP
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USA
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August 4 2011

California’s Board of Equalization has decided to deny property tax exemptions to charities that do not “primarily benefit persons within the geographical boundaries of the State of California,”1 notwithstanding the lack of any apparent legal requirement or even mention of it in its own “Assessor’s Handbook.”

ACGA issues new rates for charitable gift annuities

Mitchell Silberberg & Knupp LLP
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USA
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November 21 2011

On November 18, the American Council on Gift Annuities (ACGA) issued new recommended maximum rates for charitable gift annuities issued on and after January 1, 2012

California loosens its geographically-based restriction on property tax exemptions for nonprofits

Mitchell Silberberg & Knupp LLP
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USA
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December 12 2011

While California’s Board of Equalization continues to deny property tax exemptions to charities that do not “primarily benefit persons within the geographical boundaries of the State of California,” pursuant to a new Letter to the Assessors issued December 7, 2011, the “primarily” standard is met if the charitable activities performed by the nonprofit confer some “meaningful,” “important,” or “significant” benefit to persons within California

IRS audits employment tax compliance by nonprofits

Mitchell Silberberg & Knupp LLP
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USA
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June 1 2011

As part of a national research project that began in 2010, the IRS is now in the process of examining various organizations with a focus on whether these entities are complying with the laws governing employment tax reporting and withholding

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