Tax Agency Blocks Improper Vehicle Deductions
After discovering that some charities are providing donors of automobiles and other vehicles with incorrect receipts that allow contributors to claim overly generous charitable deductions, the IRS has taken steps to block the practice. Under a law that took effect last year, a donor’s income-tax…
By Elizabeth Schwinn
Contributor
IRS Uncovers Problems with Charity Pay, Benefits
Many charities have violated federal tax law by providing improper benefits or excessive pay to top officials, according to a review of nonprofit organizations by the Internal Revenue Service. In the review of more than 1,800 charities, the IRS uncovered substantial loans to charity executives and…
By Elizabeth Schwinn
Contributor
U.S. Representative Adam B. Schiff, a California Democrat, and two other members of Congress have requested a federal investigation into news reports that the IRS conducts reviews of churches and other places of worship based on the content of sermons or other discourse delivered as part of…
By Grant Williams and Elizabeth Schwinn
Donations to Hospitals Were Flat Last Year, Report Says
American hospitals and other health-care institutions raised an estimated $6-billion in the 2004 fiscal year, roughly the same amount as in 2003 after adjusting for inflation, according to a new report by the Association for Healthcare Philanthropy. At hospitals in Canada, giving declined 4.8…
By Elizabeth Schwinn
Contributor
Tax Agency Announces Enforcement Crackdown
TAX WATCHAtop official of the Internal Revenue Service says that the agency will take a hard look at charities over the next year to try to catch any organizations that give officials improper benefits or allow donors to take charitable deductions that are worth more than the gifts themselves.…
By Elizabeth Schwinn
Contributor
Presidential Committee Suggests Tax-Law Changes
TAX WATCHAn advisory committee to the Bush administration has recommended that the government make big revisions to the way the federal tax code treats charitable donations. The President’s Advisory Panel on Federal Tax Reform, formed by Mr. Bush to suggest ways to overhaul and simplify tax laws,…
By Elizabeth Schwinn
Contributor
Senator Plans Push to Curb Tax Abuses
TAX WATCHSen. Charles E. Grassley, chairman of the Senate Finance Committee, plans to introduce new rules aimed at curbing tax abuses involving charities — as well as several proposals to stimulate charitable giving — as part of a tax bill the committee is drafting. An aide to Mr. Grassley said…
By Elizabeth Schwinn
Contributor
Donations for Hurricane Relief Exceed $2-Billion, but Costs Soar
Donations to aid victims of Hurricanes Katrina, Rita, and Wilma have now topped $2-billion, an outpouring of ALSO SEE:Hurricane Donations: How Much Has Been Raised and How It Will Be Spent support that is nearing the $2.2-billion total donated in 2001 after the terrorism attacks. Much of the latest…
By Elizabeth Schwinn
Contributor
Tax Agency Issues Draft of Charity Tax Form
TAX WATCHThe Internal Revenue Service has released a draft version of a revised Form 990 informational tax return for nonprofit organizations and has asked charities to comment on its ideas. The draft form requires more information from charities about the compensation they pay. Charities would…
By Elizabeth Schwinn
Contributor
Proposal Would Limit Charitable Deductions
TAX WATCHA presidential advisory committee expects to recommend soon that the government make big changes to the federal tax code -- and eliminate the opportunity for many Americans to take deductions for charitable gifts. The committee was formed by President Bush to advise his administration on…
By Elizabeth Schwinn
Contributor