The IRS recently released the 2018 Work Plan for the exempt organizations function. The Work Plan provides information regarding various areas of IRS focus.
Thursday, Oct. 19, 2017, 1-4 p.m. in #204 Express Scripts Hall (on the UMSL north campus – please note different location than most of our classes)
This class provides an overview of core cybersecurity concepts and an appreciation of the variety of threats to cybersecurity. Attendees will consider why a focus on cybersecurity is important, what is at stake, and how cybersecurity must become a strategic priority for nonprofits. The class will conclude with a survey of immediate steps nonprofits could take to better manage cybersecurity risks. Attendees are encouraged to bring their own laptops.
About the Cybersecurity Program at UMSL: The University of Missouri-St. Louis holds the prestigious National Center of Academic Excellence in Cyber Defense Education (CAE-CDE) designation granted by the National Security Agency and the U.S. Department of Homeland Security. We are currently one of only two institutions that hold such a designation in the state of Missouri and the only
The IRS is providing several types of tax relief for those affected by hurricanes hitting Texas, Florida, Georgia, Puerto Rico and the U.S. Virgin Islands. We’re monitoring the situation closely to resolve potential tax related issues as they’re identified. Check IRS.gov/hurricaneharvey and IRS.gov/hurricaneirmaoften for a current list of all tax relief available in these disaster areas and others.
IRS Gives Tax Relief to Victims of Hurricane Harvey; Parts of Texas Now Eligible Hurricane Harvey victims in parts of Texas have until Jan. 31, 2018, to file certain individual and business tax returns and make certain tax payments. This relief also applies to Form 5500 series returns of eligible taxpayers.
Employers seeking ways to help employees and their family members affected by Hurricanes Harvey or Irma should consider the various relief made available by the Internal Revenue Service under Announcements 2017-11 and 2017-13 and Notice 2017-48.
Under Notice 2017-48, employers who maintain a leave-based donation program (there is still time to adopt one) can afford employees the opportunity to forgo their vacation, sick or personal leave in exchange for cash contributions made by the employer, before Jan. 1, 2019, to charitable organizations assisting those impacted by Hurricane Harvey. The donated leave will be excluded from the donor employees’ income and wages and the employer will be able to deduct such contributions to a qualifying charitable organization as a business expense. As always, the Notice includes specific guidelines that must be followed in order for employers and employees to take advantage of this relief. Note that currently this relief is approved only for Hurricane
1. IRS provides help for Hurricane Harvey victims
The IRS is providing a variety of tax relief for those affected by Hurricane Harvey. Check our webpage for the latest updates.
2. Beware of Hurricane Harvey fake charity scams
The IRS issued a warning about possible fake charity scams emerging due to Hurricane Harvey and encouraged taxpayers to seek out recognized charitable groups for their donations.
3. More IRS disaster relief information available
Publication 3833, Disaster Relief, Providing Assistance Through Charitable Organizations
Two-part mini-course on disaster relief.
Additional information about IRS help for Hurricane Harvey victims is available on IRS social media sites, including the Twitter handle @IRSnews, following the hashtag #Harvey.
The IRS is seeking applicants for vacancies on the Advisory Committee on Tax Exempt and Government Entities (ACT). The committee provides advice and public input on the various areas of tax administration served by the Tax Exempt and Government Entities Division (TE/GE). Applications will be accepted through September 18, 2017.
We are very excited to announce that Bryan Cave was recognized in Legal 500 as one of the top law firms in the Nonprofit / Tax Exempt Organizations category. This is an honor and we are delighted that our Firm has been recognized along with the other top law firms in the United States that specialize in advising nonprofit and tax-exempt organizations.
The purpose of The Legal 500 is to help corporate counsel find the right advisors through its law firm rankings and editorial, which are free of charge to access. Rankings are based on feedback from 250,000 in-house peers and access to law firms deals and confidential matters, which are independently assessed by researchers.
We’ve recently updated the list of 403(b) pre-approved retirement plans that have received an IRS favorable opinion or advisory letter. A favorable opinion or advisory letter for a 403(b) pre-approved plan means that the IRS has determined that the plan satisfies the requirements of Internal Revenue Code Section 403(b) (these requirements are specifically outlined in the opinion or advisory letter).
Employers eligible to sponsor 403(b) retirement plans for their employees may want to consider adopting a pre-approved plan that has received a favorable letter instead of a having an individually designed plan.
On Wednesday afternoon the White House again proposed eliminating the so-called death tax as part of its tax reform plan, but the details remain sparse. When pressed for specifics Director Cohn simply stated that with the implementation of the administration’s tax plan, the death tax would disappear.
The phrase “death tax” entered the popular lexicon by way of tax reformers wanting to summarize and caricature the several parts of the Federal transfer tax system.
What is the Death Tax?
The death tax could refer to the estate tax alone or to any combination of other taxes that grew out of the estate tax regime. The modern estate tax was introduced in 1916. In its current form it imposes a top rate of 40% on transfers above $5,490,000 per person made at death.
After the estate tax was instituted, savvy taxpayers quickly realized that a deathbed gift would avoid the estate
Billionaire David Rockefeller passed away this week at the age of 101. According to Forbes magazine, during his lifetime, the well-known philanthropist gave away nearly $2 billion.
In light of this newsworthy charitable donation, we thought now would be a good time to remind everyone of some of the basic income tax deductions available for gifts to charities.
Section 170 of the Internal Revenue Code (the “Code”) governs income tax deductions for charitable contributions. In the case of an individual making a cash gift to a Section 501(c)(3) organization classified as a “public charity” (such as churches, schools, hospitals, and governmental units), the gift is deductible for federal income tax purposes so long as the aggregate gifts do not exceed fifty percent (50%) of the taxpayer’s adjusted gross income (“AGI”) for the taxable year.
In the case of a contribution of capital gain property to a public charity, a taxpayer can only deduct