The IRS has issued an updated guide for donors and charities, spelling out the contribution deduction rules. Publication 1771 — with the not-so-jazzy title “Charitable Contributions, Substantiation and Disclosure Requirements” — provides a solid, plain-language statement of the recordkeeping, proof and disclosure rules. A must-have for every any donor who wishes to deduct donations on [...]
|
||||||
|
|
The IRS has released a summertime warning on top tax-related scams. Abuse of charitable organizations and deductions grabbed 4th place, in the company of phishing, return preparer fraud, hiding income offshore and frivolous arguments. Elaborating on charity abuse, the IRS reported The IRS continues to observe the misuse of tax-exempt organizations. This includes [...] Want to calculate a charity’s program spending percentage? You can do it in three steps: Find the charity’s latest Form 990 or Form 990-EZ return. The U.S. House of Representatives has moved forward H.R. 4123 – now know as the “American Jobs and Closing Tax Loopholes Act of 2010″ – which includes an extension to the end of 2010 of the Internal Revenue Code rule permitting IRA owners to make tax-free donations directly to charities. Read our description of the rule [...] Is your charity or other nonprofit about to lose its tax-exemption? If it hasn’t been keeping up on filing its annual returns with the IRS, its tax-exemption is in jeopardy. Being “tax-exempt” basically means that a nonprofit doesn’t pay federal income taxes on income related to its core purpose. The New York Times yesterday reported that [...] The IRS issued Tax Tip 2010-59 today, providing good reminders for donors about charities and other tax-exempt organizations. The reminders include public availability of IRS information returns and donor lists, finding organizations, sorting out where donations are deductible (or not deductible) as charitable contributions, and reporting of inappropriate activities by organizations. Read the full IRS release. Ed Long will be providing a two-hour “Smarter Giving” program in El Segundo, California, for the California Society of CPAs. The meeting is open to CPAs, accountants and allied financial professionals; $25 charge (includes breakfast). CEUs available. The meeting begins at 7:30 am, and the program at 8. Contact Peter McNeil [310-753-1974] for location and [...] A wealth of information is available from an organization’s most recent IRS information return (Form 990, Form 990-EZ or Form 990-PF). My first place to look for an organization’s 990 is the awesome database maintained by the National Center for Charitable Statistics (NCCS). NCCS has a terrific search tool, The Internal Revenue Service has posted the 2009 Form 990 and Form 990-EZ (plus instructions and related schedules) on the IRS website. The instructions list changes from the 2008 forms. See our quick links below. In general, an organization must file Your cash donations in early 2010 to help in the Haiti earthquake relief efforts could actually get you a 2009 income tax deduction! |
|||||
|
Copyright © 2010 Smarter Giving Group, LLC | The Smarter Giving Guy | All Rights Reserved |
||||||