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."



'via Blog this'

Enid Ablowitz: Tax-wise giving - Boulder Daily Camera

Enid Ablowitz: Tax-wise giving - Boulder Daily Camera: Happy New Year! As part of the "fiscal cliff" compromise legislation, Congress did three things that impact donors:

They approved the IRA Charitable Rollover.

They imposed limits on itemized deductions for higher-income taxpayers.

They "permanently" modified the estate tax calculation.

With thanks to the University of Colorado Foundation and especially Vice President Kristen Dugdale, here's a summary of the changes:

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.

House Bill Would Provide Permanent Extension for IRA Charitable Rollover | PNNOnline.org

House Bill Would Provide Permanent Extension for IRA Charitable Rollover | PNNOnline.org: "A new bill introduced in the U.S. House would permanently extend the Individual Retirement Account (IRA) charitable rollover and expand it to allow increased charitable giving, most notably through donor advised funds. It is a preferred approach for many donors, allowing them to create a fund through an organization, such as a community foundation, and to recommend how those funds should be used."

Charity rollover tucked in tax law | StarTribune.com

Charity rollover tucked in tax law | StarTribune.com: "Cowles said the rollover makes sense for older folks who are financially secure and simply don't need all or part of their IRA income.

'There are a lot of Minnesotans who are philanthropic and fall into that category,'' he said.

The provision was first enacted by Congress in 2006, but expired at the end of 2009. It raised millions of dollars for charities during that period, according to the National Association of Fundraising Professionals.

The association is lobbying to reduce the age threshold to 591/2"

IRS Rejects Return of Retirement Payouts to Get Charity Tax Break - Philanthropy Today - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs, and ideas

IRS Rejects Return of Retirement Payouts to Get Charity Tax Break - Philanthropy Today - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs, and ideas: "Lawmakers made the extension of the tax break retroactive and gave taxpayers until January 31 to make such donations and have them count for the 2010 tax year. But the IRS said Wednesday that the legislation contains no provision for those who have already taken the distribution to return it to their retirement account and give it to charity."

Foundations hope bailout provision boosts giving -

Foundations hope bailout provision boosts giving -: "Foundations and charities hope a provision tucked in the recent federal financial bailout will generate increased contributions via retirees' individual retirement accounts.

The provision extended for two years the ability of people 70-and-a-half years old and older to take a tax-free withdrawal of up to $100,000 annually from their IRA and donate it to charity."

Kalamazoo Community Foundation touts charitable transfer piece of financial bailout package - The Kalamazoo Gazette Online - Michigan Newspaper - MLive.com

Kalamazoo Community Foundation touts charitable transfer piece of financial bailout package - The Kalamazoo Gazette Online - Michigan Newspaper - MLive.com: "Kalamazoo Community Foundation touts charitable transfer piece of financial bailout package
by Kalamazoo Gazette staff
Friday October 10, 2008, 8:45 AM

KALAMAZOO -- The nation's financial crisis is hurting more than banks and investment houses.

Charities also are worried that giving could drop off at the end of this year because many stock portfolios have taken a hit."

Public Policy Update-a two-year extension of the IRA Rollover provision

Public Policy Update: "President Bush today signed the $700 billion economic bailout bill (H.R. 1424, Financial Rescue Package), which includes a two-year extension of the IRA Rollover provision.
The provision will be made retroactive to Jan. 1, 2008, and will apply to gifts made from that date through Dec. 31, 2009."