What was a stretch IRA? Prior to January 1, 2020 rules allowed an IRA account holder to name a spouse as primary beneficiary and children as the contingent beneficiary. After the account owner’s death, the spouse and then the children could take distributions over their respective life … [Read more...]
Year End Tax Changes for Nonprofits
There were 2 year end tax changes to note, in addition to the Secure Act, which changed retirement plan distributions. First, Congress finally repealed the stupid parking tax, effective retroactively. If you filed a 990-T and paid the tax, you can file for a refund. Second, Congress has … [Read more...]
Year End Tax Planning 2019
As this year ends, take a closer look at your current tax strategies to make sure they are still meeting your needs. It may not be too late to take last-minute steps that could save you money come tax time. Now is also a good time to start planning for next year. With all that in mind, please … [Read more...]
Gift Substantiation – Part 2
Today’s post will continue the discussion of substantiating various types of gifts. Recordkeeping for non-cash contributions. Recordkeeping for noncash contributions will depend on the value of the contribution. Noncash contribution of $500 or less. The taxpayer must obtain a … [Read more...]
Substantiating Gifts – Part 1
As we do each year about this time, we will discuss various rules about substantiating a donor gift. There is still a surprising amount of litigation about proper documentation. Many organizations are not careful about following the rules, with the result that they have donors who lose their … [Read more...]