Rules requiring certain not-for-profits to report the names and addresses of major donors will remain in place for the time being. A recent ruling from the U.S. District Court of Montana set aside and declared unlawful the Revenue Procedure that would have exempted some types of not-for-profits from the requirement to report the names of their major donors in their annual information filings.
Topics: not-for-profit, Taxes, Bill Smith, Donations, donors
The 2017 tax reform law gives donors more of an incentive to make charitable contributions, increasing the deduction allowed for cash contributions to public charities from 50 to 60 percent of adjusted gross income. Substantiating that deduction, however, may be more challenging due to recently finalized IRS regulations.
Topics: not-for-profit, Taxes, Bill Smith, Tax Reform, charitable giving, Charitable contribution planning, Charitable Contribution Deductions, Nate Smith
