For Advisors

Tuesday May 31, 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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Advance Healthcare Credits
Washington News
Under the Affordable Care Act, many American taxpayers with low or moderate incomes qualify for a Health Coverage Tax Credit (HCTC). On May 26, the IRS announced that it is implementing a new program by July of 2016 to make advance HCTC payments. During 2014 and 2015, the IRS was able to process HCTC claims after taxpayers filed their income tax returns. The new program will be available in states where the Health Plan Administrator meets IRS requirements and signs a Memorandum of Understanding. The new system is dependent upon creation of procedures to confirm taxpayers are qualified to receive HCTC. The Treasury Inspector General for Tax Administration (TIGTA) published a May 16 report on the IRS efforts to develop an “Affordable Care Act Validation System” (ACV). This ACV has been tested and is now in operation. Since 2014, taxpayers must report their healthcare coverage on tax returns. Some low and moderate income taxpayers receive HCTC, while others without qualifying healthcare must make a Shared Responsibility Payment. ACV has passed federal data security requirements to become operational. It is now used to check taxpayer compliance with both the HCTC and the Shared Responsibility Payments. Ryan Plans June Release of Task Force Proposals In February, Speaker of the House Paul Ryan(R-WI) appointed six working groups. Each group was assigned one major area of potential legislation. At a Washington press briefing on May 25, Ryan announced that the six...
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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
Brandon Bigtop loves his truck, which he affectionately named "the Beast." It was a gift for Brandon's eighteenth birthday. It is painted bright red and is two tons of metal, muscle and noise....
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Private Letter Ruling
Foundation is exempt from federal income tax as a private foundation under the Code. Foundation sought advanced approval for its educational grants and loans program. Foundation plans to award...
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Article of the Month
Historically, the government has divided charities into two distinct camps: public charities and private foundations. In general, it is more advantageous for a charity to be categorized as a public...
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