Charitable giving, nonprofit tax rules, and what donors and organizations need to know to give (and receive) the right way.
The IRS has announced that tax-exempt organizations with January and February filing due dates will have until March 30, 2012. If you are affected, you don’t need to file anything to get the March 30 extension as it’s automatic. The extension only affects a handful of orgs since most charities operate on a calendar year…
In the tradition of tax years past, it’s the season to talk about charitable contributions! Charitable donations are an excellent way to reduce your tax burden for the year, all while doing something for the greater good. But as with everything in tax law, there are procedures and rules that need to be followed. Here…
There are very few people that I like dealing with less than the folks who administer my student loans for law school. Undergrad, I managed just fine. But when I moved to Pennsylvania, I was forced to deal with the Pennsylvania Higher Assistance Agency (PHEAA). If you’ve ever dealt with PHEAA, you know they’re a…
Are you ready for some football? Preseason is in full swing already for the NFL and yet all anyone can talk about in the football world is college football. Specifically, the chatter is centered on the University of Miami. Yes, Miami. Unfortunately for the Hurricanes, the talk focusing on Miami has little to do with…
Hear that? It’s the sound of a pin dropping. Or my jaw dropping. Take your pick. The IRS has announced – unexpectedly – that it will no longer pursue an investigation into a group of donors who made contributions to nonprofit groups for the purpose of political ads. Specifically, the IRS was looking into whether…
After months of speculation and roller coaster oil prices, the IRS finally announced an increase in the optional standard mileage rates. The IRS generally only updates mileage rates once a year. However, with gas prices still on the rise, the IRS made an adjustment midyear. Doug Shulman said, about the increase: This year’s increased gas prices…
Today, the Internal Revenue Service announced that approximately 275,000 formerly tax-exempt organizations have lost their charitable status as a result of failing to file the proper forms. Loss of tax-exempt status can spell disaster for some organizations: not only does it mean that the organization must file income tax returns and pay tax but perhaps…
The mayor of Providence, Rhode Island, Mayor Angel Taveras, made national headlines last week when details emerged about his plan to tax nine tax-exempt hospitals, colleges and universities in an effort to raise revenue. If the tax stands, the city could collect millions from previously untapped sources. Providence, like many U.S. cities, is struggling to…
On the FBI’s Ten Most Wanted list today: Bin Laden’s picture with the word “Deceased” underneath. No, wait, I’m not going to get all political on you. I don’t think I need to. You’re a grown-up and you can draw your own conclusions about the importance of this event and what it means for our…
Taxpayer asks: I was watching Top Chef Masters and I ahd a question. I know you have to report your winnings on a game show. On the Masters version, the chefs don’t get the money because it goes to charity. My question is can they take a tax deduction? taxgirl says: I haven’t seen Top…