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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.
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(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.
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(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.
Resources just for PPP members
have moved from the Members Only area of the PPP web
site to the new
e-community. Click
here for instructions on signing-in and using the
e-community. |
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