IRS Plans to Examine Nonprofit Groups
To determine how well different types of nonprofit groups comply with the tax laws, the IRS this year will begin “market segment” studies of six types of nonprofit organizations, including religious groups, groups that offer donor-advised funds, and social-service organizations, according to an IRS…
By Elizabeth Schwinn
Contributor
Minnesota Court Rules Gifts Not Deductible
In a case that some observers fear could dampen charitable giving, Minnesota’s tax court has ruled that a couple can’t deduct from their state income taxes gifts they made through a donor-advised fund that benefited local charities. The couple, R. Austin and Nadine Chapman, gave $1.6-million to the…
By Elizabeth Schwinn
Contributor
Groups Seek Law to End Politicking Ban
Religious conservatives are lobbying Congress seeking legislation that would permit “churches and other houses of worship” to take a stand in political campaigns. Rep. Walter B. Jones Jr., Republican of North Carolina, introduced a bill last year designed to partially reverse a 48-year-old tax law…
By Elizabeth Schwinn
Contributor
Bush spending plan promotes giving and volunteering but calls for cuts in other programsThe fiscal 2003 budget request that President Bush submitted to Congress this month ALSO SEE:Philanthropy and President Bush’s Budget: the Key Proposals includes new incentives for people to volunteer and donate…
By Elizabeth Schwinn
Contributor
IRS Issues Final Rules Telling How to Avoid Penalties for Improper Financial Dealings
The Internal Revenue Service has released final regulations on how it will enforce a federal law that is designed to crack down on people who receive improper financial benefits through their involvement with nonprofit groups. The final regulations spell out in detail how the IRS will enforce the…
By Elizabeth Schwinn
Contributor
Uphill Battle for Charity Tax Breaks
Recession and terrorism force nonprofit groups to pare expectations for incentives to encourage givingAs the second session of the 107th Congress begins in earnest this week, nonprofit ALSO SEE:Outlook for Philanthropy: Key Issues Pending in Congress officials are weighing how hard to push for new…
By Elizabeth Schwinn
Contributor
IRS Urges Charity Web Sites to Avoid Political Links
In response to a recent proposal by the Federal Election Commission, the IRS has reiterated its view that charities that include links to partisan materials on their Web sites could face tax penalties. The FEC recently proposed that labor unions and corporations, including incorporated nonprofit…
By Elizabeth Schwinn
Contributor
Congress Eases Rules on Corporate Disaster Aid
Corporate foundations would be able to provide direct financial assistance to employees of the company or their families who suffered losses as the result of a disaster, under legislation passed by Congress last month. The legislation was prompted by a desire to help corporate funds make grants to…
By Elizabeth Schwinn
Contributor
Tax Agency Adjusts Rules on Allowable Deductions
The Internal Revenue Service has announced several changes for the 2002 tax year that adjust tax laws to reflect inflation. One change affects the way donors calculate their charitable deductions. Federal law allows donors to take deductions only for the portions of their contributions that are…
By Elizabeth Schwinn
Contributor
Congress Relaxes Rules on Disaster Aid Provided by Company Foundations
Corporate foundations would be able to provide direct financial assistance to employees of the company or their families who suffered losses as the result of a disaster, under a law passed by Congress last week. The legislation was prompted by a desire to help corporate funds make grants to…
By Elizabeth Schwinn
Contributor