A large part of my career was dedicated to full tax service for high net worth clients – a sort of family office lite. The clients didn’t like the term family office though, so we didn’t use it around them. One of the things we focused on was making sure that we had good acknowledgements on charitable contributions. If the charity did not include the right language, we followed up with them. I also coached charities I was involved with on this point. It was amazing how many did not get it.
One of the things I have noted in reading opinions is that there is very little slack given on acknowledgements and the fine points of reporting charitable deductions particularly those of property. So here is a round-up of pieces that address those issues.
Circuits Split On Conservation Easement Perpetuity Regulation – Valuation Remains Critical – April 2, 2022
IRS Hangs Tough On Conservation Easements -September 11, 2021
With Large Charitable Contributions Aim For More Than Substantial Compliance – March 17, 2021
Mann Case Sets Precedent For Building Material Reuse Tax Charitable Valuation – February 17, 2021
Oakbrook Land Holdings A Major 2020 Tax Court Decision – December 27, 2020
Conservation Easements -Is IRS Burning The Forest To Save It? – August 15, 2020
War On Easement Deductions- $30 Million Denied In Three Cases – February 21, 2020
Tax Court Demolishes Deconstruction Deduction – February 7, 2020
Denial Of $33M Deduction That Yielded $2M To University Of Michigan Upheld On Appeal – May 26, 2019
Façade Easement Deduction Not Allowed- Not Real Property Interest And Not Perpetual – September 14, 2018
Billionaire Stephen Ross And The Ten For One Charitable Deduction – July 17, 2017
Billionaire Miami Dolphins Owner Gets Shut Out At Tax Court – July 12, 2017
Failure To Get Bank Subordination Fatal To Easement Charitable Deduction – July 10, 2017
Tax Court Sustains IRS Strict Interpretation Of Charitable Acknowledgement Rules – December 24, 2016
$16 Million Golf Course Conservation Deduction Disallowed On Fine Points – May 1, 2016
Poor Return Preparation Kills Façade Easement Tax Deduction – January 9, 2016
Corporate Advances Kill Individual Charitable Deduction – July 21, 2015
The Wheels On The Easement Void The Deduction – December 24, 2014
What’s In A Name? Should Naming Rights Reduce Charitable Deductions? – November 18, 2014
Side Agreement Voids Easement Charitable Deduction – July 15, 2013
Charity President Needed To Write Herself A Letter To Claim Charitable Deduction – March 23, 2013
Churches And Other NFPs Need To Send Better Acknowledgments – June 11, 2012
Charitable Acknowledgment Requirement is Absolute – July 29, 2011
How to Screw Up an Easement Deduction – May 26, 2011
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For great value continuing professional education. I recommend the Boston Tax Institute
You can register on-line or reach them by phone (561) 268-2269 or email vc@bostontaxinstitute.com. Mention Your Tax Matters Partner if you contact them.
For articles oriented toward tax professionals check out Think Outside The Tax Box.
