Podcasts about charitable deduction

Welcome to EO Radio Show - Your Nonprofit Legal Resource. This week, I am delighted to have Stephanie Hood return as my guest. Stephanie is my colleague at Farella Braun + Martel, and a key member of our top-notch estate planning practice and private client industry group. Our clients often come to us with a request to help them think about funding charities during their lifetimes and through their estate plans. In addition to thinking about how to structure the gifts to ensure their charitable intent is carried out, many of these clients are also sensitive to the federal and state tax consequences of their gifts. Stephanie is here today to talk through the complex rules and some traps for the unwary. Resources: Stephanie Hood Bio Farella YouTube Private Foundations playlist EO Radio Show #63: New Proposed Regulations Defining Donor Advised Fund Terms EO Radio Show #64: Exceptions to the DAF Definition Under the Proposed Regulations EO Radio Show #65:  The New Proposed Regulations on DAFs: Taxable Distributions and the Penalty Tax EO Radio Show #44: Charitable Bequests with Stephanie Hood  If you have suggestions for topics you would like us to discuss, please email us at eoradioshow@fbm.com.  Additional episodes can be found at EORadioShowByFarella.com.  DISCLAIMER: This podcast is for general informational purposes only. It is not intended to be, nor should it be interpreted as, legal advice or opinion.

As we approach the upcoming holiday season, I wanted to chat about an important topic that comes up often: donating your artwork to a charitable organization and what that means for your taxes.    Join me today in this important episode as I explain what donating your artwork to charity means during tax time and why nonprofits need to be aware of the tax implications of charitable donations for artists. I also give you some tips on how you can still be charitable without feeling exploited.    Also mentioned in today's episode:    Donating your work to charity and the tax implications 1:38 Deducting materials on your taxes 5:32 How you can donate to charity without feeling exploited as an artist 6:58 Why nonprofits need to be more transparent and ethical when asking for donations from artists 10:31 If you enjoyed this episode, please rate, review and share it!    Links:  El Anatsui: https://elanatsui.art/  

The income tax charitable deduction is one of the big, basic concepts undergirding all of philanthropic giving. It's going to play a big role in a lot of the topics we cover in upcoming episodes, so it's important to have a basic understanding of how it works. That's what this episode is for. LinkedIn: https://www.linkedin.com/in/kirk-ross/  

Dr. Friday 0:00 Good day. I'm Dr. Friday. President of the Dr. Friday Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment. Dr. Friday 0:12 And one of the greatest tax breaks as far as I'm concerned for individuals in retirement is the Qualified Charitable Deduction. The IRS is already basically mandating that you have to start taking money out of your IRAs, or your 403 B's. And that's one of the things that you're sitting there going, "Well if I have to do this." But also I have found a large number of my clients at least give money to charity, so why not give it dollar for dollar go to the custodian say, "Hey, I wanted this money to go here. This might have to go here." You're paying it out of your pocket anyway, why not take it out of your pocket tax-free versus paying the taxes and then give it to the charity? This would be a smart way to save taxes. Announcer 0:51 You can catch the doctor Friday call and show live every Saturday afternoon from two to 3 pm right here on 99.7 WT N

Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment. Dr. Friday 0:12 One of the changes that will probably help just about everybody out there is the Charitable Deduction. Nowadays I know we have the standard deduction, but remember above the line we had last year in 2020, a $300 deduction for pretty much everybody. Now it's 300 for single 600 for married couples, and it has to be a cash contribution. But if you gave the money to your church or you gave cash to some organization that is a 501 C3. Remember above the itemizing you'll be able to deduct up to 600 if you're married and 300 If you are single. Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.

Nonprofits have been pushing for a universal charitable deduction for years. The CARES Act created a temporary tax deduction for charitable gifts up to $300 for single or married filers in 2020. Congress extended that into 2021 and increased the deduction to $600 for married couples. Two professors at the University of Virginia propose a tax subsidy to increase civic engagement in a time of income inequality and political polarization. In their paper, The Charitable Tax Deduction and Civic Engagement, Andrew Hayashi and Justin Hopkins propose that all taxpayers with adjusted gross income (AGI) less than the national median would get the Community Contribution Credit. Hayashi is a professor at the University of Virginia School of Law and Hopkins is a professor at the University of Virginia's Darden School of Business. The refundable tax credit would be equal to 90% of their contributions, capped at $500. It would apply for donations to 501(c)(3) nonprofits -- but also 501(c)(4) social welfare organizations, which currently are not eligible for deductible contributions. In 2018, the most recent year for which data are available, the national median AGI was $43,614. That year, 87.4% of taxpayers claimed the standard deduction while 11.4% of taxpayers claimed itemized deductions. "We're trying to make the taxpayer incentivized to think about their local organizations that they either have used in the past or are familiar with because I think there's a good portion of people in our community who have never considered potentially donating to their local organizations because theres's a lack of resources, or money is tight," Hopkins said on this episode of the Fresh Research podcast. "But if you provide this incentive to everybody, then all of a sudden, you create sort of a whole new class of donor," he said. "Now all of a sudden , they have the the ability to make contribution to these organizations and maybe it's organizations that have helped them in the past. And so I think one of the beautiful aspects of this is, is the idea of transforming a recipient or a client of a local nonprofit into an actual donor of it. And the idea that they would get involved in the operations." --- Send in a voice message: https://anchor.fm/nonprofittimes/message

Guests:Michael Townsend Managing Director, Legislative and Regulatory Affairs Charles Schwab & Co., Inc.Hayden Adams CPA, CFP®, Director of Tax and Financial Planning, Schwab Center for Financial Research After you listenRead Strategies for Maximizing Your Charitable Impact in 2021 to learn more about taking advantage of a favorable environment for tax-smart, high-impact philanthropy.Check out the podcast WashingtonWise Investor where Michael Townsend focuses a non-partisan eye on the stories that matter most to investors.Learn more about the 100% Charitable Deduction as Hayden discusses the temporary opportunity for high-net-worth individuals to give to their favorite charities and potentially eliminate their federal taxes in 2020 and 2021.Download our Giving Guide where you will discover information, resources, and activities to help you maximize your charitable giving. 

This episode is also available as a blog post: https://paylesstax.com/2021/07/21/daily-tax-tip-spotify-podcast-and-or-wordpress-blog-post-and-the-fourth-circuit-affirming-the-denial-of-a-charitable-deduction-for-a-home/ --- Send in a voice message: https://anchor.fm/don-fitch/message

In this episode, Aaron and Trishul apply previous conversations about happiness and well-being to the upcoming holidays. Being conscious and aware of the things that provide happiness OR the things that create stress can help you focus on ways to increase the former and decrease the latter. They reminisce over holiday nostalgia. They discuss the impact of expectations and the need to get creative for the 2020 holiday season. Prioritizing time over money is a big theme in increasing happiness for both the gifter and the giftee. And because they just couldn't help themselves, they discuss Qualified Charitable Distributions and gifting appreciated stock to charities.Episode ReferencesMMS #32. These estate planning tips can save you big time.Investing Forever - Wills and Trusts: How are they different?WebMD - Holidays Stress TipsMayo Clinic - Stress ManagementAmericans Spend GenerouslyFinancial Stress and TraditionsHoliday Spending ReportQCD - Qualified Charitable DistributionGift Tax CalculationGifting StocksCamelCamelCamel - Amzon Price TrackerBlack FridayAdam SmithCARES ActPodcast DescriptionWelcome to The Mind Money Spectrum Podcast where your hosts Aaron Agte and Trishul Patel go beyond traditional finance questions to help you explore how to use your money to achieve the freedom you want in life. Aaron is a Financial Planner from the Bay Area, and Trishul is a Wealth Manager on the East Coast. For more information about Aaron, check out GraystoneAdvisor.com. And for more information on Trishul check out InvestingForever.com. We thank you all for listening, and stay tuned for our latest episode on our website, MindMoneySpectrum.com.

CAF America President & CEO Ted Hart and his guest expert David Shevlin, Partner at Simpson Thacher, discuss the new charitable giving rules that became law as part of The Coronavirus Aid, Relief and Economic Security (CARES) Act. The $2 trillion coronavirus stimulus bill includes provisions meant to encourage Americans to donate to charity. The move is meant to encourage additional contributions to the nonprofit sector, which is the third-largest industry in the country. Four specific provisions of the CARES Act will be discussed on this podcast, each provides incentives for individuals, families and corporations to give, but to receive the associated tax benefits, the new rules must be followed. Listeners will learn the steps necessary to qualify for the new "universal deduction", learn how those who itemize their deductions, can take the new 100% deduction off their adjusted gross income, learn how donor-advised funds are implicated in the new rules and how charitable contributions for corporations, that make cash contributions in 2020, can deduct 25% taxable income (up from 10%).

Moderator: Michael Gordon Voss, publisher of Stanford Social Innovation ReviewGuests:Una Osilli, Associate Dean of Research and International Programs; Professor of Economics and Philanthropic Studies, Lilly Family School of PhilanthropyHayden Adams, CPA, Director of Tax and Financial Planning, Schwab Center for Financial Research After you listenTo learn more about how to fund your philanthropy with tax-smart contributions of complex assets, read our series of helpful white papers at schwabcharitable.org/noncash.Listen to Richard as he discusses how converting low-basis stock into charitable gifts helps him and his family give more. Donating stock is a piece of cake.Looking for impactful charities to support the causes that mean the most to you? Find helpful resources at schwabcharitable.org/explore_charities.Subscribe to Giving with Impact for free on Apple Podcasts or wherever you listen.Giving with Impact is an original podcast from Schwab Charitable and Stanford Social Innovation Review.If you enjoy the show, please leave us a rating or review on Apple Podcasts.

Download and Listen Anytime! This episode is part one of a three part series called "Giving Smarter".  In an interview with Hal Rosen, CPA with Haynie & Company, we cover Qualified Charitable Distributions (QCDs) as a method for recovering the tax benefit for charitable donations.  Most people will take the standard deduction under our current tax code, rendering their charitable giving as tax-irrelevant.  If you meet certain criteria, you can get it back.

Kari Aanestad is the Director of Advancement at the Minnesota Council of Nonprofits, whose mission is to “ inform, promote, connect and strengthen individual nonprofits and the nonprofit sector.” Part of Kari’s work is to understand trends in giving and how organizations communicate to supporters of their work. Changes in tax law last year means fewer people will itemize deductions, so while gifts to charities are still deductible, more people will not see a financial benefit from giving. Learn morea about those changes and tactics for nonprofits in our episode with Russell James. Kari joins host Steve Boland to discuss a recent report in the Star Tribune about early results from year-end giving campaigns in 2018, how these numbers don’t show a dramatic or pervasive decline in giving, what motivates donors to give beyond a tax deduction, and how to stay informed of trends in this area. M+R Labs has shared some thoughts, and some combined historic data is available from the Fundraising Effectiveness Project. More information at NextInNonprofits.com/podcast.M+R Labs year-end review :: Star Tribune article on year-end impacts :: Russell James episode about tax law changes :: Minnesota Council of Nonprofits :: Kari Aanestad :: Fundraising Effectiveness Project ::

Lynn Nichols Federal Tax Update Podcast October 15, 2018, edition Listen as Lynn Nichols provides commentary on 4 Items pertaining to current developments in U.S. tax law. This week’s topics include: IRS Reproposes Parts of Partnership Audit Regs to Reflect Technical Corrections The IRS has issued proposed regulations implementing the centralized partnership audit regime, withdrawing and reproposing parts of earlier proposed rules to reflect changes made by the Technical Corrections Act of 2018. [REG-136118-15; 8/13/2018]   Partnership Audit Rules Make Clear It’s ‘Go Big or Go Home’ Reproposed regs on the partnership audit rules make clear that the IRS doesn’t have to prove that a partnership item would actually affect someone’s tax liability to be within the scope of the rules. [Tax Notes Today; 8/15/2018; Article by Stephanie Cumings]   Bank Deposits Analysis Showed Couple Had Unreported Income The Tax Court, in a summary opinion sustaining accuracy-related penalties, held that the IRS properly used a bank deposits analysis to determine that a couple had unreported income, which the couple failed to contest, and held that the couple failed to provide substantiation for various expense deductions that were disallowed by the IRS. [Whiteford, Joseph Brian et ux. v. Commissioner; No. 4711-17S; T.C. Summ. Op. 2018-39; 8/13/2018]         Fifth Circuit Affirms Denial of Charitable Deduction for Easement The Fifth Circuit, affirming a Tax Court decision, held that a partnership wasn’t entitled to a $15 million charitable contribution deduction for an easement donation because the contribution didn’t meet the perpetuity requirement and the Tax Court didn’t err in its valuation of the easement or in the application of a valuation misstatement penalty. [PBBM-Rose Hill Ltd et al. v. Commissioner; CA 5; No. 17-60276; 8/14/2018]     Real Estate Investor Can’t Deduct Business Bad Debts An investor whose role in a joint venture was to provide capital for a home construction business doesn’t qualify as a trade or business and may not deduct business bad debts. [Yaryan, Terry L. et ux. v. Commissioner; No. 30424-15; T.C. Memo. 2018-129; 8/15/2018]

In this episode, Paul discusses a recent tax court decision, Rutkoske v. Commissioner, that disallowed two brothers from taking 100 percent deduction for a charitable donation of a conservation easement.  The brothers, in this case, had income from the sale of the farmland in question and from a sale of the conservation easement.  That income did not count towards the gross farm income but towards gross other income.  The brothers could only claim 50 percent of the charitable donation.  Materials discussed in this episode: Everhart, Sarah, U.S. Tax Court Denies Farmers' 100% Charitable Deduction for Conservation Easement (Aug. 16, 2017). Goeringer, Paul, When is a Farmer Not a Farmer? Tax Court Case Highlights Complexity in Federal Tax Law (Sept. 1, 2017). McEowen, Roger, When Is A Farmer Not A “Qualified Farmer” For Conservation Easement Donation Purposes? (Aug. 10, 2017). If you have questions for Paul contact him at lgoering@umd.edu, tweet him @aglawPaul or 301-405-3541.

In CCA 201651013, the IRS Chief Counsel concludes that a trust is not entitled to claim a charitable income tax deduction despite a modification of the trust to permit charitable distributions. Bob Keebler reports. The full text of CCA 201651013 can be found at https://www.irs.gov/pub/irs-wd/201651013.pdf . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com

In CCA 201651013, the IRS Chief Counsel concludes that a trust is not entitled to claim a charitable income tax deduction despite a modification of the trust to permit charitable distributions. Bob Keebler reports. The full text of CCA 201651013 can be found at https://www.irs.gov/pub/irs-wd/201651013.pdf . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com

Join President of Thompson & Associates, Cayce Powell, as he speaks with the President of our Legal Division, Bill Gustoff, JD, FCEP, as they discuss the charitable deduction. In this podcast, they will cover the following points, and more: 1. What is the charitable deduction? 2. Why does the government allow gifts to charity be deducted from taxes? 3. What is required for a charitable gift to be deductible? 4. How is the charitable deduction calculated? 5. What’s the difference between a deduction for income tax vs estate tax? 6. What are other ways to receive charitable deductions? 7. How do donors view the charitable deduction, and how does this affect nonprofits? EP – The Estate Planning (EP) podcasts, hosted by Thompson & Associates President Cayce Powell, focus on basic estate planning principles and tools with a slant on how planning strategies could benefit donors and nonprofit organizations. www.ceplan.com

Lecture on income limitations on charitable deductions taken from the graduate course PFP 5325 "Introduction to Charitable Planning" at Texas Tech University.