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Results: 1-10 of 14

New IRS publication addressing charitable contribution substantiation and disclosure requirements

  • Mitchell Silberberg & Knupp LLP
  • -
  • USA
  • -
  • 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

IRS offers limited relief for small nonprofits

  • Mitchell Silberberg & Knupp LLP
  • -
  • USA
  • -
  • August 31 2010

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

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

  • Mitchell Silberberg & Knupp LLP
  • -
  • USA
  • -
  • 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

Using UPMIFA to release and modify restrictions on charitable funds

  • Mitchell Silberberg & Knupp LLP
  • -
  • USA
  • -
  • February 10 2011

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

ACGA announces new rates for charitable gift annuities

  • Mitchell Silberberg & Knupp LLP
  • -
  • USA
  • -
  • 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

California enforces new isolationist view on property tax exemptions for nonprofits

  • Mitchell Silberberg & Knupp LLP
  • -
  • USA
  • -
  • 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.”

IRS audits employment tax compliance by nonprofits

  • Mitchell Silberberg & Knupp LLP
  • -
  • USA
  • -
  • 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

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

  • Mitchell Silberberg & Knupp LLP
  • -
  • USA
  • -
  • 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

IRS updates rules for donors and grantmakers

  • Mitchell Silberberg & Knupp LLP
  • -
  • USA
  • -
  • September 12 2011

The Internal Revenue Service has updated certain rules concerning transfers to nonprofit organizations that may be used and relied on by private foundations and sponsors of donor-advised funds (“DAFs”) that must exercise expenditure responsibility and by donors to make sure that their contributions are eligible for the charitable income tax deduction

Approval of Model Protection of Charitable Assets Act

  • Mitchell Silberberg & Knupp LLP
  • -
  • USA
  • -
  • September 19 2011

On July 13, 2011, the Uniform Law Commission approved the “Model Protection of Charitable Assets Act” (the “Act”) at the Commission’s annual meeting in Colorado