More On Tax Planningfrom The Advisor's Professional Library
- Charitable Giving Charitable giving can reduce your clients’ tax liabilities. However, the general and verification rules for the deduction of charitable gifts must be understood in order to take full tax advantage of such gifts.
- IRAs: In General Individual Retirement Accounts are highly popular tools for contributing funds that grow on a tax deferred basis. Depending on the type of IRA, the accumulation can be tax free.
The following quotes of note were made by IRS officials and tax professionals on recent Tax Talk Today webcasts.
"They have taken all of the penalties and taxes that apply under Chapter 42 and essentially doubled them."
--Theresa Pattara, project manager, Internal Revenue, Tax-Exempt and Government Entities Division, Office of Exempt Organizations, IRS, on the big changes for tax-exempt organizations found in the Pension Protection Act of 2006.
"If you're planning on claiming a tax deduction, you better be sure that the item is in good used condition."
-- Patricia Read, senior vice president, Public Policy and Government Affairs, Independent Sector, on the new rules governing charitable donations.
"For very small organizations, that's a very scary thought."
--Read commenting on the stiffer penalties, including loss of tax-exempt status, for tax-exempt organizations that fail to file required returns for three years.
"I'm glad it's a pilot program. The jury's still out."
--Marianna Dyson, Miller & Chevalier, on the Attributed Tip Income Program