Tax-Exempt Organizations Registered With the IRS
The number of charities and private foundations registered with the Internal Revenue Service has increased by more than 5 percent in each of the past two years, according to figures released by the tax agency, and reached a total of nearly 1.2 million last year. The IRS reported that the number of…
By Grant Williams
Contributor
IRS Considers Taxing Trustees of Funds That Were Victims of Madoff Scam
The Internal Revenue Service may take steps to tax board members of private foundations who placed all or some of their organizations’ assets with Bernard L. Madoff, the investor who ran a $65-billion pyramid scheme, according to Douglas Shulman, the Commissioner of the Internal Revenue. Under…
By Grant Williams
Contributor
IRS Considers Taxing Trustees of Funds That Were Victims of Madoff Scam
IRS considers taxing trustees at foundations that were Madoff victims
By Grant Williams
Contributor
Bill Would Raise Rate for Volunteers’ Car Use
Several members of Congress are trying again this year to pass legislation that would increase the tax deduction for people who use their cars, trucks, and other vehicles as part of their volunteer work. Under federal law, volunteers who drive their cars for charitable purposes may deduct 14 cents…
By Grant Williams
Contributor
Bill Would Raise Rate for Volunteers’ Car Use
Lawmakers draft measure to help volunteers with gas costs
By Grant Williams
Contributor
Bill Would Raise Rate for Volunteers’ Car Use
Congress is considering legislation that would increase the tax deduction for people who use their automobiles as part of their volunteer work for charities. Under federal law, volunteers who drive their cars for charitable purposes may deduct 14 cents a mile for their car costs (or be reimbursed…
By Peter Panepento and Grant Williams
Tax-Exempt Organizations Registered With the IRS
More than 1.1 million charities and private foundations were registered with the Internal Revenue Service as of September 30, 2007, according to figures released by the agency. ALSO SEE: TABLE: Types of Groups Registered The IRS reported that the number of groups classified under Section 501(c)(3)…
By Grant Williams
Contributor
Tax Agency Adjusts Rules on Charitable Deductions
The Internal Revenue Service has announced several changes affecting charitable donations for the 2008 tax year, updating tax rules to take inflation into account. One change affects the way donors calculate their charitable deductions. Federal law allows donors to take deductions only for the…
By Grant Williams
Contributor
House of Representatives Passes IRA Incentive
The U.S. House of Representatives has passed a bill that would renew a tax break that encourages older Americans to give money from their individual retirement accounts to nonprofit causes. Until December 31 of last year, donors age 70 or older were able to transfer up to $100,000 to charity from…
By Grant Williams
Contributor
Government Drops Inquiry Into Obama Church
The Internal Revenue Service has dropped its investigation into allegations the United Church of Christ violated federal laws on electioneering. In a letter to the church, the IRS said the church’s responses to its inquiry had satisfied the tax agency that the organization had not broken any laws.…
By Grant Williams
Contributor