Charities urge Congress to drop cuts proposed by the White House By Elizabeth SchwinnPresident Bush this month proposed to cut or freeze many of the programs that benefit nonprofit organizations. But the outlook for his budget is uncertain: While last November’s election brought in new…
By Elizabeth Schwinn
Contributor
Last year broke giving records, and 2007 looks just as rosy Rare, an Arlington, Va., charity that promotes conservation efforts around the world, raised about $11-million in November and December, more than double the amount of its annual budget. The big year-end increases came after the charity…
By Elizabeth Schwinn
Contributor
The Internal Revenue Service has announced that it will not increase the fees that it charges nonprofit organizations to apply for tax-exempt status or to receive written advice this year (Revenue Procedure 2007-8, Internal Revenue Bulletin 2007-1). Nonprofit groups that seek rulings for the first…
By Peter Panepento and Elizabeth Schwinn
Charitable Deductions Rose Sharply, IRS Says
New statistics released by the Internal Revenue Service show that deductions claimed for charitable contributions rose to $165.5-billion in 2004, compared with $145.7-billion in 2003, an increase of 13.6 percent. The increase is the first double-digit percentage growth in charitable donations since…
By Elizabeth Schwinn
Contributor
IRS Releases Rules on Retirement-Account Gifts
The Internal Revenue Service has published guidelines explaining a new law that offers tax benefits to donors who make gifts to charity directly from their individual retirement accounts. Under the Pension Protection Act, which Congress passed in August, donors older than 70 may transfer up to…
By Elizabeth Schwinn
Contributor
Nonprofit Coalition’s Proposal Aims to Curb Charity Abuses
Nonprofit organizations are taking new steps to stomp out abuses among their peers. Independent Sector, a Washington coalition of about 550 foundations and charities, wants nonprofit organizations to comment by February 2 on a draft proposal, put together by 34 nonprofit leaders, to help charities…
By Elizabeth Schwinn
Contributor
Arts Group Fights to Keep Tax-Exempt Status
TAX WATCHBy Elizabeth SchwinnFacing the loss of its exemption from state taxes, a New Hampshire artists’ colony has gone to court to argue that it qualifies as a charity and should not be required to pay more than $150,000 in annual property taxes to the town where it is located. Representatives of…
By Elizabeth Schwinn
Contributor
IRS Reminds Charities of New Online-Filing Rule
TAX WATCHBy Elizabeth SchwinnBeginning with the 2006 tax year, charities with $10-million or more in assets must file their Form 990 federal informational tax returns via the Internet, the Internal Revenue Service says. The electronic filing requirement was first applied last year to charities with…
By Elizabeth Schwinn
Contributor
Lawmakers Propose Changes for American Red Cross
Sen. Charles E. Grassley, Republican of Iowa, has proposed legislation to revamp the American Red Cross and make it easier for government officials to investigate the organization, a move that follows widespread criticism of the charity’s response to recent disasters. The measure — which would be…
By Elizabeth Schwinn
Contributor
Senator Questions Charity’s Election-Related Activity
Sen. Charles E. Grassley, an Iowa Republican, has asked the IRS to look into a charity that registers low-income voters. Mr. Grassley, who is just finishing his term as chairman of the Senate Finance Committee, sent the IRS a letter asking it to investigate the Association of Community…
By Elizabeth Schwinn
Contributor