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Charitable Gifts to Supporting Organizations

February 28, 2014

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As we discussed in our prior post, Review of Income Tax Deduction Rules for Charitable Gifts, an income tax deduction up to fifty percent (50%) of the taxpayer’s adjusted gross income is allowed for gifts to public charities of non-capital gain property and up to thirty percent (30%) for gifts of capital gain property.  These same contribution limits apply to gifts to supporting organizations.

What is a supporting organization?  Supporting organizations are described in Section 509(a)(3) of the Internal Revenue Code as charities that carry out their exempt purposes by supporting other public charities.  A supporting organization generally warrants public charity status because it has a relationship with its supported organization sufficient to ensure that the supported organization is effectively supervising or paying particular attention to the operations of the supporting organization.

The Final “Play or Pay” Regulations Have Arrived!

February 18, 2014

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The long awaited final regulations regarding the employer shared responsibility provisions of the Affordable Care Act were released on February 10, 2014.  They offer new transition relief and provide much needed guidance in several areas including how to determine which employees are “full-time” for purposes of the mandate.  Although the 59 pages of regulations will surely provide ample fodder for numerous future posts, we’ll start with a rundown of some of the most notable provisions:

IRS Releases Revised Form 990 Instructions

February 9, 2014

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The 2013 Forms 990 and 990-EZ, schedules and instructions have been revised to modify and clarify certain reporting requirements. A chart summarizing some of the more significant changes to the Form 990, Form 990-EZ, schedules and instructions for tax year 2013 may be accessed by clicking here.

IRS Exempt Organization Newsletter 2014-4

February 5, 2014

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On February 5, the IRS released its Exempt Organization Newsletter, Issue Number 2014-4. Topics include the following:

  • Register for upcoming phone forum: Form 990-N and 990-EZ filing tips (Part 1 of the Form 990-Series)
  • Register for EO workshops
  • Cost of employer-sponsored health insurance may appear on Form W-2
  • Want to file Forms 941 instead of Form 944?
  • PTIN expiration letters sent
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