Monday, April 29, 2013
The Perils of Global Giving | Philanthropy content from WealthManagement.com
The Perils of Global Giving | Philanthropy content from WealthManagement.com: Yet U.S. charities engaged in international philanthropy face a number of challenging tax and legal issues that are less relevant in a purely domestic context. Many arise from the fact that the rules under which donors to charitable organizations may claim tax deductions or other benefits for their contributions are governed almost exclusively by the law of each separate jurisdiction. U.S. donors generally may claim an income tax deduction only for charitable contributions made to organizations formed under U.S. law, or under the laws of a U.S. state, the District of Columbia or a U.S. possession. Few treaties allow U.S. persons to make deductible donations to foreign charities.