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Sunday July 24, 2016

Advisor Resources
Advisor Resources
We have a complete tax update service for CPAs, attorneys, CLUs, CFPs, ChFCs, trust officers and other professional friends. The GiftLaw services are made available to all advisors as a free service. We are available to assist in helping you provide clients with clear and understandable gift illustrations.
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Natural Gas Disaster Tax Relief
Washington News
In Announcement 2016-25; 2016-31 IRB 1, the IRS announced that it will exclude most payments to residents affected by the Aliso Canyon natural gas leak. Aliso Canyon was originally an oilfield developed by J. Paul Getty. After the oilfield was depleted, it was sold and is currently used by Southern California Gas Company (SoCal Gas) for underground storage of 86 billion cubic feet of natural gas. The area now is a northern Los Angeles suburb with thousands of residents. On October 23, 2015, SoCal Gas discovered a natural gas leak on well SS25, which was initially drilled in 1953. The well casing and wellhead failed to contain the pressurized natural gas. Area residents reported headaches, nausea and nosebleeds. About 2,500 households were temporarily relocated until Feb. 18, 2016, when California state officials stated that the leak was plugged. Because many residents received compensatory payments from SoCal Gas for their relocation costs, the IRS excluded from taxable income most SoCal payments during the period from November 19, 2015 to May 31, 2016. The excluded amounts include the following: Hotel expenses, including meal allowances. Payments to family or friends for room and board at $150 per day. Home rental costs for alternative housing until May 31. Mileage for transporting children to schools from the temporary location. Home and vehicle cleaning expenses related to the natural gas leak. Residents who were relocated are permitted to exclude all of these...
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Charitable Tax Reference
GiftLaw Pro
GiftLaw Pro is a complete charitable giving and tax information service inside the GiftLaw website...
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Deduction Calculator
Deduction Calculator
The GiftLaw Calculator is a planned gifts calculator for professionals that follows the IRS format. Click here to access and run charitable deduction calculations for your favorite gift plan...
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Case of the Week
Lucky Lucy Lindstrom finished college and headed west. She started as a financial analyst with a large company in Seattle. After just four years, she became a Registered Investment Advisor and began...
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Private Letter Ruling
A private foundation (“Foundation”) requested advanced approval of a set-aside account to fund the construction of an educational water quality and science facility. Foundation’s...
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Article of the Month
The Federal Reserve reports there are over $4 trillion in IRAs and $15 trillion in qualified plans. IRA owners have the ability to make billions in new annual charitable gifts from these retirement...
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