Charitable distributions from an IRA provide a tax benefit for eligible senior citizens, but the rules can be tricky. Any individual who it at least 70.5 years of age can make direct charitable gifts from his or her IRA. Gifts are capped at $100,000 and must be made to qualified public charities. It is important to note that the client does not receive a charitable deduction. Rather, the tax...read more
Becky Farr Seidel of the Leaffer Law Group wrote a great piece recently for Bloomberg BNA’s Estates, Gifts and Trusts Journal addressing issues in terminating private foundations. Here are some salient points, and you can read the entire article here. Unlike other 501(c)(3) entities, private foundations are subject to additional stringent regulations under Chapter 42 of the Code. For that...read more
New guidance for private foundations from the IRS addresses treatment of foreign grantees. The groups may wish to treat grants to foreign grantees as qualifying distributions that satisfy the minimum distribution requirements rather than as expenditures requiring expenditure responsibility. If a private foundation makes a “good faith determination” that a foreign grantee qualifies as a...read more
On September 17, 1787, “the People” embarked on journey to establish justice for all posterity.
On #ConstitutionDay, we are proud to reflect on the accomplishments of this great experiment in democracy and renew our commitment to the goals of liberty and justice for all. https://t.co/gTwg2KZ8i0