resources : news

Gaps in Philanthropic Services to Wealthy Are Opportunities for Advisors

Ever since Warren Buffett announced his intention to give away a massive chunk of his fortune in June, advisors say they have noticed an increased enthusiasm for philanthropy among wealthy investors. But that enthusiasm may not be finding adequate outlets. A new survey of the wealthy finds that the first links in the giving chain - financial advisors and nonprofit organizations - don’t communicate effectively with potential philanthropist clients.
Oct 10, 2006 4:36 PM

IRS Changes It's Mind!

News Alert! IRS Changes Its Mind.
The IRS recently issued Notice 2006-15, which extends the grandfather date for the spousal election problem they identified last year in Revenue Procedure 2005-24.
Ted Batson - February, 06, 2006

Lois G. Lerner Selected As Director of IRS Tax Exempt Organizations Division IR-2005-148,
Dec. 22, 2005

WASHINGTON - Lois G. Lerner has been selected as the director of the Exempt Organizations Division of the Internal Revenue Service. In this position, she will be responsible for administering and enforcing the tax laws that apply to more than 1.8 million organizations recognized by the IRS as exempt from tax.

RIA Special Study -- Tax Relief for Victims of Hurricane Katrina (36.8kb pdf)

At my presentation I talked about the changes brought about by the Katrina Emergency Tax Relief Act of 2005 signed into law last Friday by President Bush. Among other things, KETRA provides for the suspension of the 50% AGI limit for cash gifts to certain charities within the definition of Code Section 170(b)(1) (A). So that for gifts of cash made to certain 170(b)(1)(A) charities the deduction limit is 100% of AGI for cash contributions made from August 28, 2005-December 31, 2005, with no phase out. - David Cahoone

Senate Passes Tax Relief Act of 2005 (34.5kb pdf)

On November 18, 2005, the Senate passed the Tax Relief Act of 2005 (the Senate Bill), which includes several provisions affecting charitable deductions. Although the House of Representatives has yet to pass its own tax relief legislation, which will likely differ in certain aspects from the Senate Bill, many legislators and lobbyists believe that several provisions in the Senate Bill will likely become law. To assist you in anticipating these potential changes in law, we are providing the following summary of the charitable provisions in the Senate Bill.