Category Archives: Charitable Giving

Building Wealth through Real Estate: Financial and Tax Policies of the United States Government That Can Lead To Significant Wealth through Real Estate Ownership

Financial and tax policies of the United States government can help Americans achieve significant wealth through real estate ownership. These policies tend to favor taxpayers who, like the Trump family, are willing to commit to "the long game”, where the full benefits of real estate ownership accrue over decades and ...

Charitable Contribution Planning: Good Measures to Protect Yourself Against a Charitable Deductions Audit

December is a big month in the U.S. for donations to charity. Americans open their hearts and wallets to charitable organizations who feed the hungry, shelter the homeless and educate our youth as well as to many other worthy causes. Philanthropy has been part an important part of the American ...

Fair Warning: Artwork, Private Foundations, and Self-Dealing

The weekend has ended and Art Basel - Miami 2016 has concluded. To many U.S. taxpayers, it’s just another Monday, but to serious collectors who attended this vibrant art fair focused on contemporary paintings and sculptures, this was a major event. Now faced with anticipated shipments and bills, those who ...

The 5% Solution: IRS Revenue Procedure 2016-42 Provides Relief for the Probability of Exhaustion Test

Charitable Remainder Annuity Trusts (CRATs) can be a very effective charitable planning tool. Choosing to fund a CRAT can remove assets from the estate of the donor, provide a reliable income stream for a family member and result in income and estate tax benefits through the charitable contribution deduction. To obtain these ...

UPDATE: IRS Withdraws Proposed Regulations on Substantiation of Donations in Response to Taxpayer Comments

Back in September of 2015, the Treasury and IRS issued proposed regulations related to section 170(f)(8)(D) providing an alternate framework for substantiating charitable donations. The proposal would require a donee organization to obtain the donor’s taxpayer identification number, along with other identifying information such as name and address. This information ...

Year-End Tax Tips Update: Qualified Charitable Distributions Permanently Extended

We’ve been waiting all year to find out which tax provisions will be extended and today, in the 11th hour, Congress has passed the “Protecting Americans from Tax Hikes Act of 2015." This bill is expected to be was signed by President Obama  shortly and made law. The importance of this bill ...

The IRS’ Proposed Regulations to Provide a Substitute to the “Contemporaneous Written Acknowledgment” Requirement: A Data Security and Identity Theft Fiasco in the Making

I would like to acknowledge my colleague, Attorney Patricia Weisgerber, LL.M., who co-authored this blog article with me. If you are a donor who makes a charitable gift of $250 or more, you need to obtain a “contemporaneous written acknowledgment” (CWA) letter from the recipient charitable organization to substantiate ...