Thursday, December 22, 2011
Charitable Giving – Tis the Season ….
Posted by Armanino Nonprofit Team
As we approach the end of the calendar year, philanthropic giving increases as individuals look to make the last of their charitable donations for 2011 as part of personal tax planning, supporting their favorite non-profit organization(s) or acting simply out of the goodness of their hearts. Regardless of the motivation, the act of charitable giving is inherently good and should come without complication, sophistication and especially “consequences,” but that can and never will be the case when there are “tax” consequences involved.
Individuals and businesses making contributions to charity should keep in mind several important tax law provisions that have taken effect in recent years. Some of these changes include the following:
- Special Charitable Contributions for Certain IRA Owners
- Rules for Clothing and Household Item
- Guidelines for Monetary Donations
To help taxpayers plan their holiday-season and year-end giving, the IRS offers a variety of reminders. For more information on recent charitable giving tax law changes and IRS reminders, follow this link: http://www.irs.gov/newsroom/article/0,,id=251223,00.html?portlet=108
Nonprofit organizations have specialized audit, tax and operational needs that require specialized service. Armanino has been committed to the nonprofit sector since 1953, and we now work with more than 500 nonprofit clients. This hands-on experience gives our staff of CPAs and former CFOs a deeper understanding of the issues nonprofits face, so we’re able to meet their needs and help them fulfill their missions in the most efficient, cost-effective way possible.