Recent Posts in Foundation Category

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  • TAH capital campaign to be used to raise funds for renovations to the emergency room

    The Titusville Area Hospital will begin a capital campaign on Monday to raise funds for renovations to the emergency room. According to Holli Wolfe, director of marketing and foundation, the campaign will start with a Week of Giving, from Nov. 26 to Dec. 2. Wolfe said the hospital will host a wellness event on Tuesday in the cardiac rehab department, from 11 a.m. to 1:30 p.m. The event is open to ...
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  • Article of the Month- Beneficiary Designations - Part IV

    Introduction Alongside wills and trusts, beneficiary designations are becoming increasingly popular as part of a complete estate plan. By simply filling out a beneficiary designation form, individuals can bypass probate and designate who will receive a specific asset upon their death. Today, a variety of assets can be transferred through a simple designation form, including bank accounts, stocks, ...
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  • Washington News- IRS Complete 'Dirty Dozen' Tax Scam List

    Each year the IRS warns taxpayers about the "Dirty Dozen" tax scams. Prior articles in this newsletter have covered various scams, but on February 17, the IRS published the full list for 2017. IRS Commissioner John Koskinen stated, "We continue to work hard to protect taxpayers from identity theft and other scams. Taxpayers can and should stay alert to new schemes which seem to ...
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  • Case of the Week- Dying to Deduct

    Case: Abigail was a wonderful and spirited 80-year-old woman. Even as an octogenarian, she still worked in her garden, handled all of her finances and played golf each weekend. In addition to her busy schedule, she also made time to help at a local homeless shelter. She believed that whenever you can lend assistance to your fellow neighbor it is your responsibility to do so. Because of this ...
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  • Private Letter Ruling- Decedent Given Extension to Elect Portability

    GiftLaw Note: Decedent 1 died on Date 1, survived by Decedent 2. Decedent 2 died on Date 2. A personal representative was appointed to handle Decedent 2's estate. In order for Decedent 2 to benefit from portability of Decedent 1's deceased spouse unused exclusion (DSUE) amount, Decedent 1's estate needed to file a Form 706 within nine months of her death. Decedent 1's estate failed ...
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  • Case of the Week- Living on the Edge, Part 6

    Case: Rhea Jones, 75, lives in a beautiful coastal town in northern California. Rhea's home occupies three magnificent acres of bluff property that overlooks the crashing waves of the Pacific. Since her home sits just steps away from the dramatic cliffs, Rhea frequently jokes to her friends about her "living on the edge" lifestyle. John, Rhea's husband of 50 years, built the ...
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  • Private Letter Ruling- Rodeo Organization Denied Exempt Status

    GiftLaw Note: Organization applied for tax-exempt status under Sec. 501(c)(3). Organization stated that it is organized and operates for the purpose of fostering national or international sports competitions. Organization's bylaws include among its purposes "[t]o promote the professional sport of rodeo through the organization of rodeo participants for their mutual benefit" and ...
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  • Washington News- Washington Hotline IRS Warning on Inflated Refunds and Preparer Fraud

    In two letters this week ( IR-2017-23 and IR-2017-26 ) the IRS warned taxpayers about inflated refunds and tax preparer fraud. Some tax preparers promise excessive refunds. This issue is part of the "Dirty Dozen" tax schemes highlighted each year by the IRS. IRS Commissioner John Koskinen urged taxpayers to be aware of these excessive claims. He stated, "Exercise caution when a ...
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  • Case of the Week- Living on the Edge, Part 5

    Case: Rhea Jones, 75, lives in a beautiful coastal town in northern California. Rhea's home occupies three magnificent acres of bluff property that overlooks the crashing waves of the Pacific. Since her home sits just steps away from the dramatic cliffs, Rhea frequently jokes to her friends about her "living on the edge" lifestyle. John, Rhea's husband of 50 years, built the ...
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  • Private Letter Ruling- Issuing Units of Endowment Fund to Trust Will Not Generate UBTI

    GiftLaw Note: Charity is a tax-exempt charitable organization under Sec. 501(c)(3). Charity maintains an endowment through an investment partnership with other tax-exempt organizations. The partnership invests in a diversified portfolio of assets and the income earned by the endowment consists of passive and debt-financed income. Charity is to act as trustee and remainder beneficiary of a ...
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  • Washington News- Washington Hotline Top Five IRS Refund Myths

    In IR-2017-16, the IRS explained the top five "myths" about IRS refunds. Most early filers will receive a timely refund, but some taxpayers do not understand the process. In this letter, the Service clarified some potential areas that hopefully will reduce taxpayer misunderstandings. Myth 1: All Refunds Delayed – An estimated 90% of refunds will be processed by the IRS within 21 ...
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  • Case of the Week- Living on the Edge, Part 4

    Case: Rhea Jones, 75, lives in a beautiful coastal town in northern California. Rhea's home occupies three magnificent acres of bluff property that overlooks the crashing waves of the Pacific. Since her home sits just steps away from the dramatic cliffs, Rhea frequently jokes to her friends about her "living on the edge" lifestyle. John, Rhea's husband of 50 years, built the ...
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  • Private Letter Ruling- Service Determines No UBTI on Hospital Lease

    GiftLaw Note: Association is recognized as tax-exempt under Sec. 501(c)(3) and Sec. 170(b)(1)(A)(iii). Association operates Community Hospital and owns the premises, which is collateral for tax-exempt bonds. Community Hospital, following a recommendation from State, entered into an Integration and Affiliation Agreement with State University, which operates University Hospital. Association also ...
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  • Article of the Month- Beneficiary Designations - Part IV

    Introduction Alongside wills and trusts, beneficiary designations are becoming increasingly popular as part of a complete estate plan. By simply filling out a beneficiary designation form, individuals can bypass probate and designate who will receive a specific asset upon their death. Today, a variety of assets can be transferred through a simple designation form, including bank accounts, stocks, ...
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  • Washington News- Washington Hotline Tax Filing Season Opens

    On January 23, 2017, the IRS announced it is opening the 2017 tax filing season. IRS Commissioner John Koskinen stated, "Getting to this point is a year-round effort for the IRS and the nation's tax community. The dedicated employees of the IRS look forward to serving taxpayers this filing season, and I want to thank all the tax and payroll community for their hard work that makes tax ...
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  • Case of the Week- Living on the Edge, Part 3

    Case: Rhea Jones, 75, lives in a beautiful coastal town in northern California. Rhea's home occupies three magnificent acres of bluff property that overlooks the crashing waves of the Pacific. Since her home sits just steps away from the dramatic cliffs, Rhea frequently jokes to her friends about her "living on the edge" lifestyle. John, Rhea's husband of 50 years, built the ...
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  • Private Letter Ruling- No Self-Dealing for Company Owner's New Foundation Positions

    GiftLaw Note: Org is classified as a private foundation under Sec. 509(a). X hosted Show for many years and obtained its intellectual property rights. During his lifetime, X granted exclusive licensing rights to Y's company (Company). Upon X's death, the intellectual property rights were given to Org, including the license agreements between Company and X. Org has now asked Y to serve as ...
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  • Washington News- Washington Hotline Free File Now Available

    Twelve national tax software firms have joined the IRS Free File Program. On www.irs.gov the "Free File Now Open" link takes taxpayers to the Free File page. People with 2016 adjusted gross income (AGI) of $64,000 or less may use Free File. If you have income greater than $64,000, you may still use the Free File Fillable Forms. These are the IRS electronic version of the paper tax forms. ...
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  • Case of the Week- Living on the Edge, Part 2

    Case: Rhea Jones, 75, lives in a beautiful coastal town in northern California. Rhea's home occupies three magnificent acres of bluff property that overlooks the crashing waves of the Pacific. Since her home sits just steps away from the dramatic cliffs, Rhea frequently jokes to her friends about her "living on the edge" lifestyle. John, Rhea's husband of 50 years, built the ...
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  • Private Letter Ruling- Organization Operating Restaurant Denied Exemption

    GiftLaw Note: Organization applied for tax-exempt status under Sec. 501(c)(3). Organization's purposes include helping an area where the unemployment rate is higher than national averages; providing locally-grown, healthy food to the community; and helping end domestic violence. Among Organization's many programs will be N, which will consist of the operation of two restaurants, P and Q. ...
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  • Case of the Week- Living on the Edge, Part 1

    Case: Rhea Jones, 75, lives in a beautiful coastal town in northern California. Rhea's home occupies three magnificent acres of bluff property that overlooks the crashing waves of the Pacific. Since her home sits just steps away from the dramatic cliffs, Rhea frequently jokes to her friends about her "living on the edge" lifestyle. John, Rhea's husband of 50 years, built the ...
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  • Washington News- Washington Hotline Top Seven 2016 Tax Law Changes

    In FS-2017-1 the IRS published a summary of seven tax changes. Many of these changes will impact some of the 153 million Americans who file tax returns during 2017. The significant tax changes include the following: 1. Three Extra Days – The tax filing deadline is delayed due to April 15 falling on a weekend and Emancipation day in Washington, DC. Returns may be filed until April 18, 2017. ...
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  • Private Letter Ruling- Grant to Charity Deemed Unusual Grant

    GiftLaw Note: Charity is a public charity under Sec. 509(a)(1) and 170(b)(1)(A)(i). Charity’s mission is to support the work of law enforcement officers across the country through educational, direct assistance and community outreach programs. Charity was recently formed and has just begun to attract support from public sources and publicize its programs. B shares Charity’s mission and ...
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  • Washington News- Washington Hotline Koskinen Launches Tax-Filing Season

    IRS Commissioner John Koskinen held a public media conference on January 5, 2017 and officially launched the tax-filing season. Koskinen emphasized, "This tax season, it is more important than ever to plan ahead." He highlighted a number of changes that will affect the anticipated 153 million taxpayers who file tax returns. The IRS expects 80% of those returns to be filed electronically. ...
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  • Case of the Week- George's "UT to Green Gift Annuity" Conversion

    Case: George Green was a man of humble beginnings. He was born in Bulgaria and lived with his parents on their farm. But George was a diligent student and was determined to become a successful business owner. After high school he obtained permission to come to America to go to college. George applied to several colleges and was accepted as a work-study student at a state college. He lived in the ...
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27 results found. Viewing page 1 of 2. Go to page 1 2   Next