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(4-16-12) PPP and other members of the Synergy Summit join the National Academy of Elder Law Attorneys in celebrating Elder Law Month in May. For questions about Elder Law Month, or to receive NAELA’s free Questions and Answers When Looking For An Elder Law Attorney brochure, e-mail NAELA at amatienzo@naela.org or call 703-942-5711, ext. 230.


(3-20-12) PPP has joined with some of the nation's leading charities to urge the White House to maintain strong incentives for charitable donors such as those provided for in the so-called "Buffett Rule," which is included in the President's recently released fiscal year 2013 budget. The coalition letter, joined by over 20 charities, also asks the President to reconsider his long-standing proposal to cap itemized deductions, including the charitable deduction.

Gift planning standards and best practices, research, mentoring and education result in better charitable gifts. Public, media, and legislative/regulatory advocacy are especially important as charitable giving tax incentives are under attack. The Partnership for Philanthropic Planning leads all of these efforts. Please consider making a gift to PPP this year. Your charitable contribution will be leveraged to benefit the entire philanthropic planning community through activities that could never be accomplished by each of us individually. The Partnership is a registered 501(c)3 organization. To learn more click here.

(5-17-12) In a May 16 hearing before the Oversight Subcommittee of the House Ways and Means Committee, five witnesses testified on federal tax issues relating to exempt organizations. Roger Colinvaux, former legislative counsel to the Joint Committee on Taxation, asked lawmakers to focus their attention on "ways to keep [exempt] organizations from abusive arrangements," by reconsidering tax incentives. Diana Aviv, president and CEO of Independent Sector, urged Congress to enact the expired tax extenders without delay, including the IRA Charitable Rollover. Bruce Hopkins, a lawyer with the Kansas City, MO firm Polsinelli Shughart, gave a general overview of the federal tax law applicable to exempt organizations. The subcommittee will accept written testimony through May 30.


(4-24-12) The Senate failed to invoke cloture on the Paying a Fair Share Act of 2012 (S. 2230), legislation that embodies the so-called “Buffett Rule,” which would impose upon taxpayers with annual reported taxable incomes of more than $1 million an “effective tax rate” of at least 30 percent. The Buffett Rule legislation was being watched by many in the charitable sector because it included a specific carve-out for charitable giving by permitting wealthy taxpayers to receive a credit equal to the value of the charitable contributions deduction under the regular income tax.


(4-24-12) The IRS recently launched Exempt Organizations Select Check, a new online search tool that allows users to determine if a nonprofit organization is eligible to receive charitable contributions. The IRS states that users may rely on this list in determining the tax-deductibility of contributions just as they did when Publication 78 was a separate publication. In a separate news release, the IRS offers “eight essential tips” on tax deductions for charitable contributions. The list covers, among other things, issues of proper documentation and fair market value.

(5-3-12) On April 26, 2012, the House Ways & Means Subcommittee on Select Revenue Measures held a hearing on expired and expiring "tax extender" provisions, including the IRA Charitable Rollover. PPP has submitted comments to the subcommittee in support of reinstating and expanding the IRA Rollover. During the April 26 hearing, several Members of Congress spoke out in favor of the Rollover, including Rep. Wally Herger (R-CA), who is the sponsor of the Public Good IRA Rollover Act (H.R. 2502), which would permanently extend and expand the Rollover. Video of the three-hour hearing is available on-line. The Subcommittee will continue to accept written comments from interested organizations and individuals until May 10th.


(4-17-12) Save the date! A 2011 attendee called PPP’s National Conference on Philanthropic Planning a wonderful “homecoming” for gift planners. Make plans now to attend the 2012 conference on October 3 through 5 at the Hilton New Orleans Riverside.

 

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