Charitable deductions and the vehicles that generate them continue to land on the IRS’s radar. Consider these three quick tips to stay ahead.
1. The IRS is really, really picky about requiring a charitable deduction to be calculatable as a true “sum certain,” as the taxpayer in a recent tax court case found out the hard way.
2. The IRS appears to be doubling down on exempt purpose requirements for 501(c)(3) organizations. Keep these rules in mind, especially as you counsel clients who are involved with starting a new nonprofit organization.
3. The IRS is taking a close look at sketchy charitable remainder trusts in conjunction with its Dirty Dozen focus areas. As always, if a tax structure seems too good to be true, watch carefully for red flags and do your homework on the IRS’s positions.
The Omaha Community Foundation is here to help. We are always tracking the latest news and trends with charitable giving and our team is happy to help you as you serve your charitable clients.
You can contact us at 402-342-3458 or giving@omahafoundation.org.