News & Analysis as of

Nonprofits Charitable Donations Tax Deductions

Lowenstein Sandler LLP

OBBBA Provisions Impact Charitable Contribution Deductions

Lowenstein Sandler LLP on

On July 4, President Donald Trump signed into law the One Big Beautiful Bill Act (H.R. 1) (OBBBA). While OBBBA contains various provisions that impact high-net-worth individuals, this alert focuses on OBBBA provisions...more

Miller Canfield

One Big Beautiful Bill: Effect on Exempt Organizations

Miller Canfield on

The sweeping tax package known as the One Big Beautiful Bill (OBBB), which passed on July 3 and was signed by President Donald Trump by July 4, brings notable changes for tax-exempt organizations, including new limits on...more

Fox Rothschild LLP

Nonprofits and Donors Face New Tax Rules as Congress Passes Landmark Bill

Fox Rothschild LLP on

Congress has officially passed the One Big Beautiful Bill Act, a sprawling piece of tax legislation with major implications for nonprofit organizations and their supporters. While some of the most controversial proposals were...more

Ropes & Gray LLP

Congress Passes Final Tax Package: Key Provisions for Tax-Exempt Organizations

Ropes & Gray LLP on

On July 3, the House of Representatives approved “The One Big Beautiful Bill Act” as approved two days earlier by the Senate. The final version of the bill contains several provisions relevant to tax-exempt organizations. The...more

IR Global

How donations to charity can provide tax relief

IR Global on

Gift Aid transforms charitable donations by allowing charities and CASCs to claim 25p extra for every £1 given—at no additional cost to you. Higher and additional rate taxpayers can also claim valuable tax relief, making...more

Rivkin Radler LLP

Should Closely Held Businesses Be Charitable?

Rivkin Radler LLP on

Faulty Framework? The question posed above is not intended to be rhetorical. Rather, it is one that the owners of a closely held business should consider thoroughly before transferring or committing any business assets to...more

Gibney Anthony & Flaherty, LLP

Athlete Opportunity and Taxpayer Integrity Act: New NIL Legislation Seeks to Protect Student Athletes

U.S. Senators Ben Cardin (D-Md.) and John Thune (R-S.D) recently introduced the Athlete Opportunity and Taxpayer Integrity Act. The goal of the bipartisan legislation is to protect student athletes by preventing individuals...more

Bowditch & Dewey

The Tax Benefits of Giving Tuesday

Bowditch & Dewey on

Since it began in 2012, Giving Tuesday, the Tuesday after Thanksgiving, has become more and more popular. A recent survey suggests that 62% of Americans plan to participate this year. The main purpose behind Giving Tuesday...more

BakerHostetler

Coronavirus Relief Legislation Includes Incentives for Charitable Giving

BakerHostetler on

To date, there have been three separate legislative acts designed to lessen the hardship created by the coronavirus pandemic. The Coronavirus Preparedness and Response Supplemental Appropriations Act provided emergency...more

Partridge Snow & Hahn LLP

501(c)(3) Nonprofit Organizations Update: CARES Act

501(c)(3) Nonprofit Organizations Update: CARES Act and Importance of Developing Comprehensive Charitable Giving Opportunities During COVID-19 Pandemic On March 27, President Trump signed into law the Coronavirus Aid,...more

Nexsen Pruet, PLLC

Tax Court to Exempt Orgs: Substantiate!

Nexsen Pruet, PLLC on

While we’re not even three full months into 2016, the United States Tax Court already has decided two cases, which disallowed tax deductions for donors based on a tax exempt entity’s failure to properly substantiate those...more

Benesch

Perspectives - November 2013

Benesch on

In Revenue Ruling 2013–17, the Internal Revenue Service (IRS) announced that the terms “husband and wife,” “husband” and “wife” in the Internal Revenue Code are to be interpreted to include an individual married to a person...more

Farella Braun + Martel LLP

Tips for Deducting Expenses Incurred for Charity Travel

Many people combine their summer travel with charity work. Some travel expenses may be deductible against federal and state income taxes for those who itemize deductions. The IRS recently posted five tax tips for taxpayers...more

Davis Wright Tremaine LLP

New Law Requires Oregon Nonprofits to Satisfy Program Expenditure Test to Receive Deductible Charitable Contributions

Many Oregon nonprofit organizations will soon face an additional hurdle to receiving contributions that are deductible as charitable contributions for purposes of Oregon’s income or corporate excise tax....more

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