The I.R.S. has been charged with going too easy on some charities said Patricia Cohen of The New York Times, and is facing criticism from a host of groups, including the National Council of Nonprofits and The National Association of State Charity Officials.
If you were contemplating starting a small charity, you were likely scared away from the scary 26-page Form 1023 application and accompanying documents required by the IRS to file for tax exemption and the $6,000 – $10,000 professionals charge to prepare it.
For the average person, the changing of the lifetime tax-free gift limit makes little difference, as they do not have either $1 million or $5 million to give away.
The I.R.S. has revoked the exempt status for hundreds of thousands of nonprofit organizations that are subject to the “e-postcard” filing requirement and had not properly filed in three consecutive years.
Under federal law, there are normally three taxes that are imposed on the transfer of assets: 1) the gift tax; 2) the estate tax; and 3) the generation-skipping tax.
Sep 14, 2010|
If you leave your company, what happens to your retirement assets? Moving your assets into a rollover IRA can help you keep the same tax deferral benefits and you gain more control of your investments. It’s definitely an option worth exploring with your financial advisor, but it isn’t the only road you can take.