A dysfunctional White House and Congress officially took the United States over the so-called “Fiscal Cliff” at the close of December 31. Fortunately, a deal was reached late on New Year’s Day, hopefully averting what economists say would have been an almost certain return to deep recession.
Since the American Taxpayer Relief Act of 2012 was passed, there’s already been a great deal of confusion and misinformation about what the Act means to the nonprofit sector.
Thankfully, Brian M. Sagrestano, JD, CFRE, a consultant and co-author of Philanthropic Planning Companion: The Fundraiser’s and Professional Advisors’ Guide to Charitable Gift Planning, has written a careful and thorough analysis of the 157-page Act with particular attention to: income taxes, long-term capital gains and qualified dividends, gift and estate taxes, the IRA Charitable Rollover, and other provisions. He also predicts the impact the Act will have on philanthropy and provides some important tips for all nonprofit organizations.
You can read Sagrestano’s full analysis at PlannedGiving.Com by clicking here.
While it’s good to know where the nonprofit sector stands for the moment, and while The Charitable Giving Coalition can celebrate the impact it has had on Capitol Hill, the nonprofit sector must remain vigilant. As the nation prepares for yet another vote to increase the debt ceiling in two months, Capitol Hill negotiators will be looking at ways to cut spending and increase tax revenue, possibly attacking the charitable giving deduction as President Obama has previously proposed. The fight is not yet over.
That’s what Michael Rosen says… What do you say?
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