OTHER DEVELOPMENTS

In the aftermath of redesign of the Form 990, there is consideration of enhancement of the penalty regime, as reflected in a panel discussion at a DC Bar Tax Section Exempt Organizations Committee meeting on October 15. The principal likelihood seems to be an increase in the penalties on tax-exempt...

Full description

Saved in:
Bibliographic Details
Published in:Bruce R. Hopkins' nonprofit counsel 2008-12, Vol.25 (12), p.7
Main Author: Hopkins, Bruce R
Format: Article
Language:English
Subjects:
Charitable tax deductions
State court decisions
Tax court decisions
Tax exempt organizations
Online Access:Get full text
Tags: Add Tag
No Tags, Be the first to tag this record!
Description
Summary:In the aftermath of redesign of the Form 990, there is consideration of enhancement of the penalty regime, as reflected in a panel discussion at a DC Bar Tax Section Exempt Organizations Committee meeting on October 15. The principal likelihood seems to be an increase in the penalties on tax-exempt organizations that fail to file the return in a complete and accurate manner. A federal district court has held that a charitable deduction is not available to an estate for a transfer to a nonqualifying charitable remainder trust, on the grounds that the trust was not timely. The failure of the executor to obtain a retroactive modification of the trust was found to be an independent basis for disallowance of the charitable deduction.
ISSN:1542-8419
1542-8427