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Will the Senate Vote on Conservation Easements?

August 14, 2014

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the-capitol-4-1225800-mThe America Gives More Act of 2014 (the “Act”) includes several provisions about charitable deductions. Among those provisions are changes to the donations of conservation easements that would make permanent temporary provisions that terminated as of December 31, 2013. The Act would permit individuals and corporations to continue to take a deduction of up to 50% of their adjusted gross income and permit individuals and corporations to carryover the aggregate amount of the deduction for up to 15 succeeding years.

The permanent provisions of Section 170 of the Internal Revenue Code only permit individuals and corporations to take a deduction up to 30% of their adjusted gross income and to carryover the aggregate amount of the deduction for up to 5 succeeding years.

The Act was introduced May 22, 2014 by

IRS Changes Procedures for EINs

January 24, 2014

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IRS Changes Procedures for EINs

January 24, 2014

Authored by: Dawna Steelman

Every nonprofit corporation and charitable trust must secure their own federal employer identification numbers (EIN). Effective Jan. 6, 2014, the IRS is no longer providing EINs by phone. Requests for EINs may still be made online, by fax and by mail. EINs requested online will be available immediately; those requested by fax will be available within four days; and those requested by mail will be available within 30 days.

However, the IRS will not process an EIN application online if the responsible party obtained its EIN online. That is to say, if a parent company’s EIN was obtained online, it is not possible to request an EIN online for any newly formed subsidiary of that parent. Those applications for EINs must be faxed or mailed, resulting in longer wait times for the EIN.

Parties applying for EINs should plan in advance now that EINs won’t be available immediately for some

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