IRS Adjusts Rules on Allowable Deductions
The I.R.S. has announced several changes for the 1999 tax year that adjust tax laws to reflect inflation. One change affects the way donors calculate their deductions. Federal law allows donors to take income-tax deductions only for the portion of their contributions that are outright gifts. If…
By Grant Williams
Contributor
* Rep. Amo Houghton, a New York Republican, is the next chairman of the House Oversight Subcommittee of the House Ways and Means Committee. He replaces Nancy L. Johnson, a Connecticut Republican. The subcommittee oversees the I.R.S. During Ms. Johnson’s tenure, the panel crafted legislation to give…
By Grant Williams and Jennifer Moore
* Independent Sector, a coalition of major charities and grant makers, has published an analysis of proposed regulations issued by the I.R.S. that explain how the service will enforce a law designed to punish charity officials who receive or bestow inappropriately lavish salaries or perks. The…
By Grant Williams and Jennifer Moore
IRS Panel Says Donors Exaggerate Value of Artwork
The I.R.S.'s Art Advisory Panel has reviewed hundreds of pieces of artwork donated by taxpayers to charity and found, as always, that many people exaggerated the value of paintings, sculpture, and other items. In cases where the objects were left to heirs, however, many people placed too small a…
Charitable Deductions Up Sharply, IRS Says
Preliminary statistics released by the Internal Revenue Service show that the deductions Americans claimed for charitable contributions rose from $75-billion in 1995 to an estimated $84.3-billion in 1996, a rise of 12.4 per cent (see chart at right). The jump was nearly twice as high as the 6.3 per…
Bill Would Encourage Gifts From Retirement Funds
New legislation introduced in Congress would provide an incentive to donors who want to give funds to charity from their individual retirement accounts. Under federal law, Americans may withdraw funds without penalty from I.R.A.'s when they reach age 591/2. But people are subject to income tax on…
By Grant Williams
Contributor