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(11-05-09) The Partnership for Philanthropic Planning has joined a coalition lead by the
American Institute of Certified Public Accountants in opposition to the patenting of tax planning strategies. In an October 21, 2009
letter coalition members argue that U.S. tax laws and tax planning strategies should be equally applied and available to all taxpayers. The 77 tax strategy patents that have been approved and the 129 that are pending apply to a broad range of areas including charitable contributions, estate and gift taxes, pension plans and deferred compensation.
(10-21-09) The Partnership for Philanthropic
Planning (PPP) has become a member of the Synergy Summit, an
umbrella organization whose delegates represent the leadership
of the major legal, accounting, and financial service
organizations in the country. In addition to PPP, Synergy
Summit’s member organizations include:
Together, these groups represent more than 200,000 lawyers, accountants, financial advisors, philanthropic gift planners, and insurance and other professionals. To read more click
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(11-19-09) The Congressional Research Service (CRS) released a
report this week entitled "An Overview of the Nonprofit and Charitable Sector" that, among other things, attempts to discuss the "costs" of charitable giving. Unfortunately, the report makes several erroneous conclusions, including "if tax subsidies do not induce additional charitable giving, the subsidy provides a windfall to the taxpayer (without providing additional funding to charitable organizations)" and "recent evidence on price elasticities suggests that charitable contribution deductions are not very efficient, in that the government spends more than a dollar to induce a dollar of contributions." While this report in no way reflects the position or will of Congress, PPP remains extremely concerned about the conclusions it draws, and will work with our charitable sector partners to prepare any necessary response.
(11-10-09) Congress is currently considering legislation that would create a new federal agency to deal with consumer financial protection issues. The text of this legislation is worded so broadly that the new agency would have a significant impact on the work of fundraisers and charitable gift planners. The legislation in the House (HR 3126) has now passed through committee. The Partnership has been working with a coalition of national organizations on amendment language exempting from the legislation all activities relating to charitable contributions. Our goal is that this language will be added to the legislation on the House floor. In the Senate, lawmakers on the Banking Committee will reportedly review draft legislation in the next few weeks.
(11-10-09) Charitable giving to nonprofit health-care institutions is ailing, with giving up an anemic 2.6 percent in 2008 according to a new study by the Association for Healthcare Philanthropy.. Americans donated $8.6 billion for health care in 2008, up slightly from $8.3 billion in 2007, but only about half the growth rate seen from 2006 to 2007. Total pledges for 2008 fell 6.2 percent in 2008 and planned gifts secured were down almost 13 percent.
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(11-19-09) House Ways and Means Democrats
agreed November 18 to move forward on a one-year extension of
the current estate tax rate and exemption level rather than the
multiyear plan envisioned in recent weeks. Select Revenue
Measures Subcommittee Chairman Richard Neal (D-Mass.) said the
legislation also would tie a permanent estate tax fix to
underlying tax reform in 2010. The current estate tax rate is 45
percent with an exemption level of $3.5 million for individuals
and $7 million for couples. Unless something is done, in 2010
the rate and exemption level will fall to zero and then jump up
to 55 percent and $1 million, respectively, in 2011.
(11-10-09) Earn 1.5 hours credit toward initial
CFRE certification or recertification. Register now for PPP’s
next virtual seminar, “Determining Your Client’s Capacity to
Make a Planned Gift,” which will be presented November 18 at
2:00 Eastern Time. Click
here for more information.
(10-30-09) New in the
Resource
Center! Model documents for
gift agreements and gift acceptance policy and
procedures. Click
here to access files that you can adapt for your own
organization.
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