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Results: 1-10 of 25

Attorney General issues guide on the New York Prudent Management of Institutional Funds Act

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • March 25 2011

On March 17, 2011, the New York State Attorney General's Charities Bureau published "A Practical Guide to the New York Prudent Management of Institutional Funds Act" (the "Guide"

Proper documentation is required for charitable contributions

  • Loeb & Loeb LLP
  • -
  • USA
  • -
  • April 6 2011

Recent IRS audit activity serves as a reminder that when you make a charitable gift, you must obtain the proper documentation in order to be able to take an income tax deduction

Gifting in 2012: now or never?

  • Hunton & Williams LLP
  • -
  • USA
  • -
  • August 22 2012

Currently Americans can give $5,120,000 to anyone without paying gift taxes, less earlier taxable gifts

T&E litigation update: Pritchard v. Attorney General, Monteith v. Michaels and Dumas v. Snow

  • Day Pitney LLP
  • -
  • USA
  • -
  • September 1 2010

In Pritchard v. Attorney General, Case No. 09-P-1221, 2010 Mass. App. LEXIS 1144 (Aug. 27, 2010), the Appeals Court addressed the validity of a charitable bequest

The Tax Court disallows charitable deductions and imposes accuracy-related penalties for failure to substantiate equipment donations

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • May 7 2010

The Tax Court disallowed a couple's charitable deductions and imposed accuracy-related penalties after finding they did not properly substantiate the contributions or provide contemporaneous written acknowledgements of their medical equipment donations

Some not-for-profitexempt organizations may have FBAR filing obligations

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • March 29 2010

U.S. taxpayers, including not-for-profitexempt organizations, with a financial interest in or signatory authority over a foreign financial account are generally required to file the Report of Foreign Bank and Financial Accounts, Form TD F 90-22.1 (FBAR) with the Department of the Treasury each June 30 if the aggregate value of all of the U.S. person’s foreign financial accounts exceeds $10,000 at any time during the year

The gift tax and contributions to section 501(c)(4) organizations: less than meets the eye?

  • Caplin & Drysdale
  • -
  • USA
  • -
  • June 14 2011

News reports suggesting that the IRS has opened federal gift tax examinations of five donors to section 501(c)(4) nonprofit organizations have generated considerable concern over the past few weeks

Eighth Circuit upholds formula disclaimer over public policy objections - Estate of Christiansen v. Commissioner

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • January 21 2010

In a unanimous decision, the Eighth Circuit upheld over the IRS’ public policy objections a formula disclaimer which passed property to charity

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

IRS suspends for further study contributions to 501(c)(4) organizations

  • McGuireWoods LLP
  • -
  • USA
  • -
  • July 7 2011

In a directive issued today to IRS offices, the Service is suspending any further examination activity on the gift tax treatment of contributions to 501(c)(4) organizations

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