Substantiating Charitable Gifts at Tax Time
Now that tax time is upon us, many clients are scrambling to find records of their charitable contributions. As professional advisors, you can assist your clients in tracking down all types of records for tax purposes. Looking to simplify your clients’ recordkeeping for charitable gifts going forward? Encourage your clients to consider a donor-advised fund (DAF) with CICF for their charitable giving. Rather than trying to track down receipts from the various organizations to which your clie…Read More.
IMPACT Central Indiana: A New Approach to Philanthropy
IMPACT Central Indiana, LLC is a limited liability company created by Central Indiana Community Foundation, The Indianapolis Foundation and Hamilton County Community Foundation to facilitate social impact investments into businesses, funds and not-for profits that are generating positive, measurable social impact and financial returns. Specifically, IMPACT Central Indiana will make loans, equity investments and grants that further the charitable mission of the Foundations. What sets philanthr…Read More.
Charitable Advising from a Distance
The silver lining to these times of uncertainty, fear and isolation is the collective groundswell toward generosity. We are seeing a tremendous amount of charitable giving through community-based relief funds as well as specific not-for-profits. You can be a terrific resource to your clients as to how to be helpful in the midst of this crisis.Read More.
CARES Act Provisions Related to Charitable Giving
One purpose of the $2 trillion stimulus bill, the Coronavirus Aid, Relief, and Economic Security Act, signed into law on March 27, 2020 (the “CARES Act”), is to support the not-for-profit community, in part by providing temporary charitable giving income tax incentives and related measures.Read More.
Understanding the SECURE Act
The SECURE Act, signed into law at the end of December and effective Jan. 1, 2020, has sent estate planning attorneys, financial advisors, accountants and insurance professionals into a frenzy to figure out how the law will impact their clients’ retirement and estate plans.Read More.
Advisors – charitable strategies to help your clients
Throughout the year, we have featured ways that your clients likely can save substantial tax dollars simply by donating appreciated property to fund their charitable contributions. And timing those contributions so that they are made in a year when their tax bracket will be higher and/or in a year when they will exceed the new, higher standard deduction and therefore be able to itemize their charitable contributions. As the giving spirit increases this time of year, we reiterate these simple …Read More.
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