“How to Determine Whether or Not You Pay the ‘Parking Lot Tax’: An update on the taxation of qualified transportation fringe benefits” The 2017 Tax Cuts and Jobs Act included a provision that requires charities to treat transportation benefits as unrelated business income. The I.R.S. issued long-awaited guidance on that provision in Notice 2018-99. ChurchLaw&Tax has an overview here.
Category: 501(c)(3)
“Charitable Gifts: Date of Delivery Rules”
“Charitable Gifts: Date of Delivery Rules” Clergy Financial Resources has this summary of how to determine whether a gift is “delivered” by December 31 here.
“What Should the Gift Acknowledgement Letter Contain?”
“What Should the Gift Acknowledgement Letter Contain?” Clergy Financial Resources has a template here.
9th Cir.: “Right of association isn’t infringed by disclosure of charitable donors to state”
9th Cir.: “Right of association isn’t infringed by disclosure of charitable donors to state.” The ABA Journal covers the decision here.
“How to Write a Church Donor Acknowledgement Letter”
“How to Write a Church Donor Acknowledgement Letter” Clergy FInancial Resources has guidance here.
“Senate Version of Tax Bill Does Not Include Johnson Amendment Repeal”
“Senate Version of Tax Bill Does Not Include Johnson Amendment Repeal” Religion Clause reports here.
“Senate Tax Bill Keeps Johnson Amendment Intact”
“Senate Tax Bill Keeps Johnson Amendment Intact” Andy Segedin of The NonProfit TImes reports here.
Free webinar Nov. 8 @ noon E.S.T.: “Key Year-End Financial and Tax Tasks for Church Leaders”
Free webinar Nov. 8 @ noon E.S.T.: “Key Year-End Financial and Tax Tasks for Church Leaders” hosted by ChurchLaw&Tax. Sign up here. Here’s the list of topics: Continue reading “Free webinar Nov. 8 @ noon E.S.T.: “Key Year-End Financial and Tax Tasks for Church Leaders””
1741 What to do with assets when a worshiping community closes
[podcast src=”https://html5-player.libsyn.com/embed/episode/id/5826736/height/90/width/450/theme/custom/autonext/no/thumbnail/yes/autoplay/no/preload/no/no_addthis/no/direction/forward/render-playlist/no/custom-color/c30000/” height=”90″ width=”450″ placement=”top”]If history is any indication, every worshiping community’s life ends sometime. If that happens under the U.S. Tax Code, there are limits on how assets must be distributed. Musical instruments, books, and furnishings can’t just be given to the donors who funded them. Fair prices must be received. And any assets left at the end of the legal entity’s existence must be transferred to another charitable entity, like another house of worship, a denominational entity, relief agencies, or social service providers.