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25 Apr 2018 | Revenue Rulings | National Publication | News story
7520 Rate for May Stable at 3.2%

For purposes of determining the present value of an annuity, an interest for life or a term of years, or a remainder or a reversionary interest, the applicable federal rate under section 7520 for May 2018 is 3.2%; same as April.
0
22 Mar 2018 | Revenue Rulings | National Publication | News story
7520 Rate for April Up at 3.2%

For purposes of determining the present value of an annuity, an interest for life or a term of years, or a remainder or a reversionary interest, the applicable federal rate under section 7520 for April 2018 is 3.2%; up from March.
0
22 Feb 2018 | Revenue Rulings | National Publication | News story
7520 Rate for March Up at 3.0%

For purposes of determining the present value of an annuity, an interest for life or a term of years, or a remainder or a reversionary interest, the applicable federal rate under section 7520 for March 2018 is 3.0%; up from February.
0
9 Feb 2018 | Income Tax , | Regulations | National Publication, Dennis Walsh, CPA | Article | 3 comments
New Section 199A - Planners, Sharpen Your Pencil
New code section 199A is confusing and complex and offers many planning opportunities once it is understood. Dennis Walsh helps...
3.333335
31 Jan 2018 | Intangible Personal Property , | Tangible Personal Property , | Regulations | National Publication, Two Hawks Consulting, LLC | Article
1031 and Done | The Collector's Curse
One little discussed change in the new tax law are the broad changes to code section 1031. The provision that allows like kind exchanges for similar types of...
3
24 Jan 2018 | Revenue Rulings | National Publication | News story
7520 Rate for February Up at 2.8%

For purposes of determining the present value of an annuity, an interest for life or a term of years, or a remainder or a reversionary interest, the applicable federal rate under section 7520 for February 2018 is 2.8%; up from January.
3
8 Jan 2018 | Revenue Rulings | National Publication | News story
7520 Rate for January Stable at 2.6%

For purposes of determining the present value of an annuity, an interest for life or a term of years, or a remainder or a reversionary interest, the applicable federal rate under section 7520 for January 2018 is 2.6%; the same as December.
3.25
21 Dec 2017 | Compliance , | Income Tax , | Regulations | National Publication | Article
Substantiating Charitable Gifts for 2017
A sample letter to donors.

Now's a good time to tell your clients how to substantiate their charitable gifts on their 2017 federal income tax returns, due April 17, 2018.
2.833335
29 Nov 2017 | Revenue Rulings | National Publication | News story
7520 Rate for December Up at 2.6%

For purposes of determining the present value of an annuity, an interest for life or a term of years, or a remainder or a reversionary interest, the applicable federal rate under section 7520 for December 2017 is 2.6%; up from November.
3
1 Nov 2017 | Revenue Rulings | National Publication | News story
7520 Rate for November Up at 2.4%

For purposes of determining the present value of an annuity, an interest for life or a term of years, or a remainder or a reversionary interest, the applicable federal rate under section 7520 for November 2017 is 2.4%; up from October.
3.25
20 Oct 2017 | Regulations | National Publication, Bruce DeBoskey, Philanthropic Strategist | Article | 1 comments
Thinking of giving to an international charity? New IRS regs clarify...
Giving internationally is not the same as giving domestically.
Giving to foreign charities is something many donors would like to do. Doing so legally and advantageously can be a challenge. Here's some useful guidance.
5
5 Oct 2017 | Information Release | National Publication, David Wheeler Newman | Article
The White House Framework for Tax Legislation
David Wheeler Newman summarizes the recent White house tax bill which proposes, among other things, to repeal the estate tax.
5
21 Sep 2017 | Revenue Rulings | National Publication | News story
7520 Rate for October Down to 2.2%

For purposes of determining the present value of an annuity, an interest for life or a term of years, or a remainder or a reversionary interest, the applicable federal rate under section 7520 for October 2017 is 2.2%; down from September.
0
23 Aug 2017 | Revenue Rulings | National Publication | News story
7520 Rate for September Stable at 2.4%

For purposes of determining the present value of an annuity, an interest for life or a term of years, or a remainder or a reversionary interest, the applicable federal rate under section 7520 for September 2017 is 2.4%; same as August.
0
27 Jul 2017 | Revenue Rulings | National Publication | News story
7520 Rate for August Up at 2.4%

For purposes of determining the present value of an annuity, an interest for life or a term of years, or a remainder or a reversionary interest, the applicable federal rate under section 7520 for August 2017 is 2.4%; up from July.
3
26 Jun 2017 | Revenue Rulings | National Publication | News story
7520 Rate for July Down at 2.2%

For purposes of determining the present value of an annuity, an interest for life or a term of years, or a remainder or a reversionary interest, the applicable federal rate under section 7520 for July 2017 is 2.2%; down from June.
5
16 Jun 2017 | Charitable Remainder Trust , | Letter Rulings | National Publication, Richard L. Fox, Esq. | Article | 2 comments
Recently Issued PLRs Offer Cautionary Tale to Trustees Failing to...
Richard Fox lends us a cautionary tale about the need for proper administration of Charitable Trusts. A recent Private Letter Ruling demonstrates the dire consequences of retaining the wrong person for administration.
5
6 Jun 2017 | Practice , | Regulations | National Publication, Bruce DeBoskey, Philanthropic Strategist | Article | 1 comments
Changes to federal policies could drastically affect philanthropists...

Author Bruce DeBoskey looks at the proposed tax legislation and its possible impact on American giving.
3.666665
1 Jun 2017 | Revenue Rulings | National Publication | News story
7520 Rate for June Stable at 2.4%

For purposes of determining the present value of an annuity, an interest for life or a term of years, or a remainder or a reversionary interest, the applicable federal rate under section 7520 for June 2017 is 2.4%; same as May.
5
1 Jun 2017 | Charitable Remainder Trust , | Letter Rulings | National Publication, David Wheeler Newman | Article | 9 comments
Can Charitable Remainder Trusts Avoid The Self-Dealing Rules?
David Wheeler Newman provides his analysis of the recent PLR that has planners re-thinking how they use CRTs in their planning.
3
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7520 Rates: May 3.2% April 3.2% March 3.0%

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Recent activity

Settlor Not Claiming Charitable Deduction Allows Charitable Remainder Trust to Escape Private Foundation Excise Tax Rules

"It would seem that any CRT established at death for a spouse would be exempt from Chapter 42 since a federal estate tax MARITAL deduction would be..." from Nancy Marx.
"For a sub-$5,000,000 estate, should a non-required Form 706 be filed to document that a charitable deduction was not claimed in the establishment of..." from rhunt1967.

New Section 199A - Planners, Sharpen Your Pencil

"thank you Dennis. that's great" from paulc91.
"Paul, The Section 199A deduction is taken “below the line” (i.e. adjusted gross income) in arriving at taxable income. Taxable income is the..." from Dennis Walsh.
"Dennis, someone at the Heckerling brought up the question whether charitable income tax deductions would help to reduce a high income taxpayers AGI..." from paulc91.

The 5 Things You Need To Know About The New 2016-42 CRAT

"I don't think this is a 2055(e)(3) situation, as the probability of exhaustion is not a 664(d) problem, but a potential failure of the remainder on a..." from Russell A. Willis III.
"Let's say we have a testamentary CRAT and it flunks 5% probability test. The CRAT does not have the 2016-42 language as it was created before 2016-..." from John R. Owen.

Thinking of giving to an international charity? New IRS regs clarify requirements.

"International grantmaking is also a major reason some donors create and fund private foundations. By exercising expenditure responsibility (which is..." from Matt Brown.

Can Charitable Remainder Trusts Avoid The Self-Dealing Rules?

"I agree with David on this. A brother is not, by that alone, a disqualified person for a private foundation (not an ascendant or descendant), so it..." from rnja8c.
"Keep in mind that the prohibition on excess business holdings does not apply to most CRTs, since IRC 4947 which applies some private foundation..." from David Wheeler Newman.
"Not sure what is meant by "non-profit family trust", but let's assume we're talking about a charitable remainder trust since that's what the ruling..." from David Wheeler Newman.
"Case Study: A practicing attorney who is the sole Trustor of a non-profit family trust loans his biological brother, also an attorney, 3 million..." from WmAPackard.
"I am thinking if none of the private excise tax rules apply, the taxpayer could put 100% of a closely held business into the "Un-Charitable Remainder..." from rnja8c.
"Note, too, that it wasn't just the self-dealing rules that didn't apply. It was all of the Chapter 42 private foundation excise tax rules that..." from Richard.
"My guess is that they were trying to avoid the self-dealing rules, so that the property contributed to the trust could have been sold to a..." from Richard.
"So, grantor sets up a CRT for himself, names a charity and retains the right to change it -- no gift to himself and no completed gift to charity for..." from Nancy Marx.
"So, grantor sets up a CRT for himself, names a charity and retains the right to change it -- no gift to himself and no completed gift to charity for..." from Nancy Marx.

Recently Issued PLRs Offer Cautionary Tale to Trustees Failing to Administer Charitable Remainder Trusts in Accordance with Governing Instrument

"The regulations provide that, with respect to a CRT, “trust income may not be determined by reference to a fixed percentage of the annual FMV of the..." from Richard.
"In this case, the State law did not permit payments from corpus. Will the result be different if the State law has a "total return" definition of..." from h.schechter.

Changes to federal policies could drastically affect philanthropists, nonprofits

"Small donors usually do not have tax deduction as a primary concern when giving. Before income taxation (you referred to times back to our founding..." from John Patterson.