Charitable Giving Information

Archive for July, 2008

Charitable Trust Foundations

Question: When a trust is dissolved how can I calculate how much the life income beneficiary and remainder benef get?

A $400,000 trust provides income for life for a woman now aged 77 and remainder to a charitable foundation. If the trust were to be dissolved now and the $400,000 divided between the 77 year old woman and the foundation, how can I calculate how much each should get.

Is there a web site that I can use to calculate the amounts each should get.

Answer: I can figure this for you, but I need to know exactly how much divided means. Equal parts, or is the foundation to get the money after the 77 years old passes? Let me know, I am an agent for an insurance company who does just this for seniors. We offer very competitive rates and usually can get our clients a higher payout than most because we are not brokers. Tell me how much and how this is to be set up exactly, and the state she resides in, I will e-mail you a monthly payout for the rest of her life.

Presentation of Islamic Research Foundation in India

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Fundraising Ideas For Youth Groups

Have you been given the job of organising a fundraising event and are stuck for ideas? Here’s seven great and simple ideas that you can organise:-

Cookie Dough fundraisers

This is an ideal fundraiser for all times of the year. Just take orders and sell tubs of delicious cookie dough to your group. Profit margins 30-50%.

Fundraising Cookbooks

Often described as a recipe for fundraising success (groan!) – creating a personalized cookbook is ideal for groups such as churches, schools, charities and hospitals. New publishing techniques make it easy to profit from selling just a few or even hundreds of cookbooks. Profit per book from $3-$10.

Pizza Fundraiser cards

People will be happy to pay for these cards which entitle them to free pizzas. If your group is spread out geographically, this may be ideal. Ideal for small groups due to small minimum order requirements. Profit margins 70-90%.

Scratch card fundraising

Easy to order and can be printed to link to your group e.g. basketball, baseball, high school, etc. Each person in your group begins fundraising with 1 scratch card. They simply approach friends, family, and neighbors and ask them to scratch too! Profit ranges from 90% upwards.

Fundraiser candles

Everyone loves candles and especially scented candles! Simply take orders from friends and families – these items are especially good for Christmas fundraising. Profit margin 50%

Candy fundraising

Ideal for easter or summer fundraising events – sales of candy can be profitable. You can sell the chocolate at school, pep rallies, sports events, businesses or just person to person. Profit margin 50-60%.

Fundraising brochures

Brochure fundraising allows you to raise money by offering products from color brochures to family, friends, neighbors and business associates. Ideal for Christmas fundraising. Profit margins 40-55%.

These fundraiser ideas are great, for:-

• high school fundraising
• college fundraising
• cheerleading fund raising
• fundraising for youth groups
• sports group fundraising

Set yourself a target, establish a plan of action, involve parents, teachers and students and go for it!

For further easy fundraising ideas, visit Simple Fundraising Ideas

This article was submitted by Jennifer Carter, author of School Fundraising ideas

About the Author:

Jen has been involved in school fundraising since 2001. She regularly writes articles to share her experience as a fundraiser.

For more hints and tips on organizing a fundraiser, visit Simple Fundraising Ideas

Article Source: ArticlesBase.com – Top 7 fundraising ideas

Fundraising Ideas

Car Donations Irs

Question: Can someone clarify car donations to charity in IRS terms?

I work for the YMCA and we are trying to figure out how to handle selling donated cars within the guidelines of the IRS.

Answer: The charity must tell the donor what the car sold for and the donor can deduct that amount.

Car donation CT Connecticut=Huge IRS warning!

Charitable Giving Advisors

Author: John Leslie

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A DOW JONES NEWSWIRES COLUMN

A team of sleuths familiar with the myriad ways to hide big money should help the Internal Revenue Service do a better job of tracking down wealthy tax dodgers, according to former agency insiders.

Tax attorneys who know the inner workings of the IRS say a new SWAT team the agency is building will make a big difference. Announced last week, the unit is known as the Global High Wealth Industry group.

IRS Commissioner Doug Shulman said the group is part of the agency’s Large and Mid-Sized Business operating division, though it will work with others throughout the agency. The idea is to centralize and focus agents who are experts in tax strategies of the rich, said Shulman.

Trusts, real-estate investments, royalty and licensing agreements, revenue-based or equity-sharing arrangements, private foundations, privately held companies and partnerships will all be of interest to the new unit. The rich frequently make sophisticated financial, business and investment arrangements with complicated legal structures and tax consequences. Some of these are simply mechanisms to avoid taxes, though others are legitimate devices to protect assets, promote charitable causes or defer income.

A single wealthy person may be involved in many of these arrangements, sometimes with other family members or business associates. So, the agency will take a unified look at the web of tax strategies associated with a single person.

The agency has rarely done audits of the wealthy and their businesses or investments in the same way that it coordinates audits of large companies, according to Pamela F. Olson, a partner in the tax group at law firm Skadden, Arps, and formerly assistant secretary for tax policy at the U.S. Department of the Treasury.

Now, audits of the rich and their businesses and investments will be in the hands of agents who have worked on coordinated corporate audits. Given these agents’ experience and sophistication, Olson said she expects them “to be more capable of auditing the complicated affairs of wealthy individuals than the agents who have traditionally audited small businesses and individuals.”

Olson also noted that the IRS recently has recruited a number of people from outside the agency with a sophisticated understanding of high-net-worth tax structures.

Not everyone is convinced of a big change. Mark E. Matthews, formerly an IRS deputy commissioner who oversaw the agency’s criminal investigation division, said the agency has paid attention to the high-net-worth taxpayers for many years.

During his tenure at the agency, for example, the IRS was trying to increase audits of these individuals because of an understanding that “that’s where the money is,” he said.

Still, with the growing emphasis on big-money, offshore cases, Matthews said he sees the new unit as “a development to watch.”

Cono R. Namorato, formerly chief of the criminal section and deputy assistant attorney general of criminal tax enforcement at the Justice Department and director of the IRS Office of Professional Responsibility, believes the new effort could help the IRS close a long-standing gap.

The IRS has been trying all along to identify wealthy people who evade taxes but it “hasn’t been done in a concentrated, focused manner,” he said.

The new unit is a “good idea, and could become an effective component of tax administration,” said Namorato, now a member in the Washington, D.C., office of law firm Caplin & Drysdale.

As for IRS monitoring of offshore accounts, he said: “Until recently, the agency has never been effective at it and its current enforcement effort seems to be primarily focused on only one foreign financial institution.” Swiss bank UBS AG (UBS, UBSN.VX) has been in the agency’s sights for allegedly encouraging U.S. taxpayers to open secret accounts abroad.

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Unit Should Help IRS Track Rich Tax Dodgers

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Becoming an RIA or Registered Investment Advisor

Tax Planning For Self Employed

Question: my employer doesn’t sponsor a 401k plan, how do i take tax advantage for my retirement?

I’m not self-employed, and other than IRA is there any other tax advantage pension plan for me?

Answer: If you mean by tax advantage, tax deferred, then a deferred variable annuity could be an option. Unlike a 401 (k) or an IRA, it does not have a limit. But find one with very low fees because most have high fees and have to be held at least 20 years for the earnings to outweigh the fees. But they do provide income for life after age 59.5.

First Time Home Buyer Tax Credit Program, FHA Mortgage, Fixed Interest Rate Loan