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Recent Developments and IRS Enforcement: Charitable Organizations and Tax Exemption

Tax Implications of Charitable Planning and Giving Strategies; Impact of SECURE 2.0; Strategies to Maximize the Tax Benefits

A live 90-minute premium CLE/CPE video webinar with interactive Q&A

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Wednesday, December 18, 2024

1:00pm-2:30pm EST, 10:00am-11:30am PST

(Alert: Event date has changed from 4/4/2024!)

or call 1-800-926-7926
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This CLE/CPE webinar will provide tax counsel and advisers guidance on applicable rules regarding charitable income tax deductions and planning and pitfalls to avoid. The panel will discuss income tax charitable deduction rules under current tax law, substantiation and reporting requirements, the impact of SECURE 2.0, donor obligation, contemporaneous written acknowledgments and disclosures, property transfers, and other key items that taxpayers must consider.

Description

Charitable giving can provide significant income and estate tax advantages while also satisfying charitable intent. To ensure these advantages for clients, tax counsel and advisers must have a complete understanding of the legal framework and tax rules applicable to charitable giving vehicles, reporting, and deductions.

For high net worth individuals, planned charitable giving is an essential tax planning tool. Under current tax law, a number of planning and giving strategies are available such as the use of the bunching of deductions, qualified charitable distributions, non-cash gifting, donor-advised funds, private foundations, and other gifting methods for purposes of tax planning. However, the use of any technique requires a complete understanding of all necessary items and potential challenges in implementing these strategies.

In addition, IRC Section 642(c) governs income tax charitable deductions for trusts and estates, which are substantially different from charitable contribution deductions for individuals and corporations under Sec. 170 and Sec. 642(c)(1). Navigating the nuances of these rules along with the implications stemming from SECURE 2.0 requires counsel to carefully consider various requirements to obtain income tax deductions, such as the governing document and gross income requirements, charitable purpose and eligible donee requirements, and other additional planning and reporting considerations.

Listen as our panel discusses income tax charitable deduction rules under current tax law, substantiation and reporting requirements, the impact of SECURE 2.0, donor obligations, contemporaneous written acknowledgments and disclosures, property transfers, and other key items that taxpayers must consider.

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Outline

  1. Governing documents requirements
  2. Charitable deduction rules and requirements
  3. Reporting obligations and challenges
  4. Impact of SECURE 2.0 on charitable giving
  5. Planning considerations

Benefits

The panel will discuss these and other key issues:

  • Charitable deduction rules and requirements
  • Reporting of charitable deductions
  • Distinctions between contributions made from the corpus and those made from income
  • Types of trusts eligible to make deductible donations
  • Specific provisions in trust documents that allow for deductible contributions
  • Differences between allowable individual and trust contributions
  • Available vehicles for charitable giving and pitfalls to avoid

Faculty

Walker, Steven
Steven L. Walker
Attorney
Law Offices of Steven L. Walker

Mr. Walker's practice focuses on representing businesses and individuals facing tax controversies before the...  |  Read More

Wolf, Philip
Philip Wolf
Attorney
Steven L. Walker

Mr. Wolf is an attorney who represents clients in civil and criminal tax controversies, including examinations,...  |  Read More

Attend on December 18

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Cannot Attend December 18?

You may pre-order a recording to listen at your convenience. Recordings are available 48 hours after the webinar. CPE credit is not available on recordings. Strafford will process CLE credit for one person on each recording. All formats include course handouts.

To find out which recorded format will provide the best CLE option, select your state:

CLE On-Demand Video

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