On January 1, 2013, the House and Senate passed H.R. 8, The American Taxpayer Relief Act of 2012, a bill to avert the “Fiscal Cliff.” The president subsequently signed the bill into law. Those age 70-1/2 and older can donate up to $100,000 from Roth or traditional IRAs to certain charitable organizations without including the… Read more »
Posts Categorized: Government
Will Donors Give Less if Taxed More?
A recent article in Philanthropy Matters examined the current Obama administration’s proposal on changes in charitable deductions for taxpayers with adjusted gross income over $250,000 for couples and $200,000 for individuals. This proposal suggests reducing the value of itemized charitable deductions from 35% to 28%, and raising the marginal income tax from 35% to 39.6%… Read more »
U.S. Economy Shows Considerable Progress in Recovering From the Great Recession
I attended a luncheon today hosted by the Economics Club of Hampton Roads and Old Dominion University, which featured an interesting presentation by Jeffrey Lacker, president of the Richmond Federal Reserve Bank and voting member of the Federal Open Market Committee. Lacker addressed the “considerable progress of the U.S. economy in recovering from the great… Read more »
Impact of Proposed Tax Changes on U.S. Giving
The Giving Institute recently hosted an informative webinar on the proposed changes to the U.S. tax code and what it means for giving in our country. We wanted to share some of the valuable information presented in the webinar, led by Patrick Rooney, PhD, Executive Director of the Center on Philanthropy at Indiana University. The webinar… Read more »
Charitable Giving Forecast: How Potential Changes in the U.S. Tax Code Could Encourage an Increase
The nonprofit industry is keeping a close watch on Washington in 2012 as this year could bring about some significant changes in tax legislation that will affect American’s charitable giving. While most of the proposed policies are not favorable to organizations filing as 501(3)c, fundraisers could see an increase in donations this year as people… Read more »
Right Time For Tax Change?
We recently read an article in the Wall Street Journal regarding nonprofits campaigning against a provision in President Obama’s jobs bill that would limit itemized deductions, including charitable contributions, for individuals with an annual income of $200,000 or more. The federal proposal, which would cap itemized deductions at 28% from the current 35%, provoked an… Read more »
IRA Charitable Rollover – Eight Months Left to Participate
With only eight months left to participate in the IRA charitable rollover provision (unless Congress extends it), now is the time to be talking to your donors and prospects who are age 70-1/2 and older. Neal Brodsky, an attorney with LeClairRyan, and Nan Edgerton, vice president of development for the Hampton Roads Community Foundation, recently… Read more »
How Tax Changes Will Affect Donors
Development professionals should be sure to review The Chronicle of Philanthropy’s helpful summary of how tax proposals being considered by Congress will affect donors. For example, if the income-tax rate goes up for wealthy Americans, people who now pay 33 percent of their income in taxes would pay 36 percent, and those who now pay 35 percent… Read more »
Council Publishes Helpful Report
After tweeting about yesterday’s blog post, we got a direct message on Twitter from the National Council of Nonprofits sharing its special report published March 16, State Budget Crises: Ripping the Safety Net Held by Nonprofits. The report contains helpful information about lobbying community leaders regarding nonprofit funding. But in sharing this report here, Keith… Read more »