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Wednesday June 29, 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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IRS Consumer Alert After Orlando Tragedy
Washington News
After the major tragedy in Orlando, the IRS published IR-2016-89 to remind taxpayers to follow good giving practices. When there is a serious national event, good-hearted Americans respond with generous gifts to help those in need. This also happened after the Orlando attack. In helping those in need, everyone should follow prudent giving practices. There are several simple steps in the IRS letter that help donors make proper and effective gifts. 1. Recognized Charities – Make your gifts to those organizations with long-standing good reputations. Use www.IRS.gov and Pub. 526, Charitable Contributions, to learn how you can make effective gifts and qualify for charitable deductions. 2. Similar Names – Be careful to make sure you are giving to the right organization. Some tricksters use common names for phantom charities. Many of these names will be quite similar to those of respected charities. You may find out more about nonprofits on www.IRS.gov with the “Exempt Organizations Select Check.” 3. Personal Information – A phone solicitor does not need your Social Security number, credit card number or bank number. Do not give out personal information over the phone. 4. Cash Gifts – You should generally avoid gifts of cash. Make your gifts by check or credit card. For gifts of clothing, furniture, household goods or vehicles, you will need specific information to qualify for your deduction. IRS Publication 526, Charitable Contributions,...
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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
Stacy Powers, 40, has led an interesting life. At the age of 1, Stacy was put up for adoption. Stacy’s mother was a homeless woman with little resources to care for a young child. Soon...
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Private Letter Ruling
Organization was formed as a tax-exempt 501(c)(3) for the purpose of buying, fixing and selling homes to low-income families. R and S are members of Organization’s governing body and are...
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Article of the Month
Supporting organizations have become increasingly popular in recent years because they allow donors to receive the tax benefits of donating to a public charity while still giving donors some of the...
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