Two-Week Reprieve For Charitable Tax Provisions - The NonProfit TimesThe NonProfit Times

Two-Week Reprieve For Charitable Tax Provisions - The NonProfit TimesThe NonProfit Times: "Three charitable tax provisions were among the dozens included in a bill that passed the Senate last night that retroactively extended expired tax provisions through the end of this year."



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Protect Charitable Deductions for Stronger Communities

PhilanTopic: Congress is threatening to eliminate the charitable deduction as we know it -- at the expense of millions of people in need. Specifically, lawmakers on both sides of the aisle are talking about imposing a cap or limit on the value of the charitable tax deduction as part of a bigger effort to raise additional revenue and/or "simplify" the tax code.

Senate Finance Committee Releases White Paper on Tax-Exempt Organizations and Charitable Giving - NPQ - Nonprofit Quarterly

Senate Finance Committee Releases White Paper on Tax-Exempt Organizations and Charitable Giving - NPQ - Nonprofit Quarterly: Bipartisanship and cooperation does happen on Capitol Hill. Last week, the Senate Finance Committee produced a concise and readable review of options available to change regulation of tax-exempt organizations and charitable giving. The 19-page report is replete with numbered lists, bullet points, and links to source documents where each possible idea is explained in more detail. The document’s introduction states that it is a “joint product of the majority and minority staffs of the Finance Committee with input from Committee members’ staffs.”

Charitable Giving Coalition Urges Congress to Leave Charitable Deduction Intact | Planned Giving Design Center

Charitable Giving Coalition Urges Congress to Leave Charitable Deduction Intact | Planned Giving Design Center: The Charitable Giving Coalition has sent a letter to House Ways and Means Committee Chair Dave Camp, R-MI., and ranking minority member Sander M. Levin, D-MI., in which it urges Congress to protect the charitable tax deduction as it currently stands.

Hoodwinked? As Nonprofits Focus on Charitable Deduction, Sequestration Cuts Inflict Pain - NPQ - Nonprofit Quarterly

Hoodwinked? As Nonprofits Focus on Charitable Deduction, Sequestration Cuts Inflict Pain - NPQ - Nonprofit Quarterly: if government extends the continuing resolution, as we expect it will, what effect might that have on the negotiations between the White House and Congress in relation to sequestration? President Barack Obama has indicated that he will still push for new revenues. Does that mean President Obama will revive his proposal to cap the deductibility of charitable donations (and other itemized deductions) at 28 percent even though the top tax rate is now 39.6 percent? If that proposal were to resurface, would it have a prayer of passage, having gone nowhere in Congress four times running?

And where will the charitable deduction fit into the larger issue of maintaining federal government funding for charities that address the basic needs of lower income Americans? Here is our analysis of the short-term future of the charitable deduction, pro and con, based on the surprising and perplexing House Ways and Means Committee hearings that were convened to get charities to speak out on their incentive in the federal tax code.

Conrad Teitell Testifies Before W&M Committee on Tax Reform and Charitable Contributions | Planned Giving Design Center

Conrad Teitell Testifies Before W&M Committee on Tax Reform and Charitable Contributions | Planned Giving Design Center: Testifying on behalf of the American Council on Gift Annuities, attorney Conrad Teitell offered a four-point plan of recommendations that include 1) making direct tax-free transfers to public charities from IRAs (IRA rollovers) permanent; 2) expanding IRA rollovers to include transfers to life-income charitable gifts; 3) eliminating current law that subjects the charitable deduction to the Pease limitation; and 4) preventing caps, floors and a lower tax rate at which charitable contributions may be deducted.

Charities Can Expect Tough Questions on Tax Breaks - Tax Watch - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs, and ideas

Charities Can Expect Tough Questions on Tax Breaks - Tax Watch - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs, and ideas: The charitable deduction took center stage at a Congressional hearing today as a string of nonprofit leaders warned lawmakers that messing with the tax break could have dire results.

Appearing before the House Ways and Means Committee, charity leaders and academic experts argued that limiting the value of the charitable deduction would dampen giving, forcing nonprofits to curtail services to vulnerable people, and that the tax incentive is unique because it rewards behavior that benefits society rather than the taxpayer.

Charitable deduction a key giving incentive | Other voices | Fort Worth, Arlington, Northeast...

Charitable deduction a key giving incentive | Other voices | Fort Worth, Arlington, Northeast...: Three hundred billion dollars can do a lot of good.

That is the amount Americans donate to charities annually. That figure will be on the minds of lawmakers as the House Ways and Means Committee holds a hearing Thursday to hear from charities that may be affected by proposals to modify the charitable gift deduction. I will be among those speaking on behalf of the charities affected, urging members of Congress not to accept approaches that would remove the incentive for many to make these critical donations t

Two Sides of the Charitable Deductions Debate

Two Sides of the Charitable Deductions Debate: Two Sides of the Charitable Deductions Debate

January 2013

Although this month's "Fiscal Cliff" legislation retained the charitable deduction, the question of eliminating or restricting it has by no means been decided. Nor are opinions in the sector about this issue unanimous. Here are two different perspectives. Where do you stand in this debate? Tell us in the GuideStar Blog.

Charitable Deduction Not Taken Down by the Fiscal Cliff - Press - AFP

Charitable Deduction Not Taken Down by the Fiscal Cliff - Press - AFP: IRA Rollover Provision Extended

There was some good news in the final fiscal cliff bill for charities. The tax extenders package, which includes the IRA Rollover provision, was included in the fiscal cliff bill. The IRA Rollover provision permits individuals ages 70� and older to give direct gifts up to $100,000 to qualified public charities from their Individual Retirement Accounts (IRAs) without tax penalty.

The Risks of Limiting Charitable Deductions - NPQ - Nonprofit Quarterly

The Risks of Limiting Charitable Deductions - NPQ - Nonprofit Quarterly: In his Urban Institute blog, The Government We Deserve, the Tax Policy Center’s Gene Steuerle looks to the past to auger the future of charitable deductions. He suggests that rather than eliminate charitable deductions altogether to increase much needed revenue, government should consider other options. He cites a 2003 GAO study which details what happened when tax deductions on donated cars were curtailed: claims for donated vehicles dropped. This was dramatically illustrated as only a graph could.

Do the Math: Abolishing the Charitable Deduction Would Cost Charities Billions - Opinion - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs, and ideas

Do the Math: Abolishing the Charitable Deduction Would Cost Charities Billions - Opinion - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs, and ideas: While economists have long studied the impact of the deduction, they have not reached a clear consensus on how much it matters. A new study, however, along with recently released IRS data make it quite clear that America’s charitable organizations could be hurt greatly if donors lost all or part of the charitable income-tax deduction as lawmakers seek ways to avert the looming “financial cliff.”

The new study of the wealthy and their philanthropy, released last month by Bank of America, asked affluent people (mostly with incomes of $200,000 or more and net assets of at least $1-million) how they might alter their giving if deductions were eliminated.

Charities Would Lose $10-Billion Under Tax Cap, White House Says - Government & Politics Watch - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs, and ideas

Charities Would Lose $10-Billion Under Tax Cap, White House Says - Government & Politics Watch - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs, and ideas: Charities Would Lose $10-Billion Under Tax Cap, White House Says

December 3, 2012, 9:25 am

By Doug Donovan

President Obama won’ t support an annual limit on deductions, including those for charitable giving, as the White House issued an estimate that such a break would cost charities at least $10-billion a year.

That will come as a relief to nonprofit leaders who say such limits are essentially the same as ending charitable deductions.

Should the Charitable Tax Deduction Be Eliminated? - US News and World Report

Should the Charitable Tax Deduction Be Eliminated? - US News and World Report: Should the Charitable Tax Deduction Be Eliminated?
Policymakers are considering doing away with or reducing the tax break for charitable giving

The AFP Blog: Thinking Bigger—and Beyond—the Charitable Tax Deduction

The AFP Blog: Thinking Bigger—and Beyond—the Charitable Tax Deduction: Thinking Bigger—and Beyond—the Charitable Tax Deduction
I'm in San Francisco at the Independent Sector conference listening to Jonathan Greenblatt, director of President Obama’s Office of Social Innovation and Civic Participation; John Bridgeland, president and CEO of Civic Enterprises and former assistant to President Bush; Diana Aviv, president of Independent Sector; and Ralph Everett, president and CEO of the Joint Center for Political and Economic Studies.

Donor-Advised Funds Surge Past Pre-Recession Highs - Planned Giving - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs, and ideas

Donor-Advised Funds Surge Past Pre-Recession Highs - Planned Giving - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs, and ideas: Donor-Advised Funds Surge Past Pre-Recession Highs

By Holly Hall

Donor-advised funds last year grew for the first time since 2007, the best year the funds had before the recession took hold, according to a study released today.

Using data from 652 organizations, the National Philanthropic Trust examined the performance of the funds, which allow people to set up charitable accounts, take an immediate tax deduction, and channel money to whatever charities they want whenever they want.

Charitable Deduction Isn’t ‘Loophole To Close’ - TheNonProfitTimes

Charitable Deduction Isn’t ‘Loophole To Close’ - TheNonProfitTimes: In the middle of an acrimonious election season, policymakers in Washington, D.C., are faced with a looming “fiscal cliff” and the very real possibility that their delay in dealing with a number of fiscal policies is finally catching up with the country.

The facts are stark and can be universally agreed upon: With the growth in entitlement spending and a tax code that grows more complex every year, this country faces a major need to look at all fiscal policy to determine what is the best path forward for long-term, sustained economic growth. Regardless of what mix of “revenue enhancements” and spending cuts are used, a healthy nonprofit sector will be a critical component to these changes.

Is Tax Incentive for College Football Season Ticket Holders Fair? - NPQ – Nonprofit Quarterly - Promoting an active and engaged democracy.

Is Tax Incentive for College Football Season Ticket Holders Fair? - NPQ – Nonprofit Quarterly - Promoting an active and engaged democracy.: f this nation is going to assess the progressiveness—or lack of progressiveness—of charitable tax deductions, or any tax breaks for that matter, we should be looking at questions of who benefits, by how much, and for what reasons. Writing for Bloomberg News, Curtis Eichelberger and Charles Babcock describe a relatively little-publicized tax incentive: according to the highly regarded sports economist Andrew Zimbalist, many colleges require charitable donations to the school in return for the privilege of buying tickets at face value. The Bloomberg writers state that the ticket purchasers can then write off 80 percent of the value of the mandatory donations against their taxes, which costs the federal treasury $100 million a year.

More Americans to increase donations, and not for the tax deduction - latimes.com

More Americans to increase donations, and not for the tax deduction - latimes.com: The do-gooding spirit is thriving in the U.S., with 81% of Americans planning to maintain or boost their donations this year, according to a new report.

That’s nine percentage points higher than 2011 and 18 points above 2010, according to Fidelity Charitable, which offers programs to boost altruism. The average American plans to give $2,400, up from $2,100 last year.

The AFP Blog: What (and Who) We’re Fighting For

The AFP Blog: What (and Who) We’re Fighting For It’s easy to forget just connected we are as a profession and as a sector, and how what happens in one country can affect others.

For example, I was in Mexico a couple of months ago talking with some nonprofits about fundraising. I started to talk about the different proposals in the U.S. to limit the value of the charitable deduction.