Tax Exemption Legislation Could Be Good News for Political Donors
The Republican lead Congress recently passed some new legislation – without garnering much attention at all – that could be a big boon for major donors of political organizations and groups. The bill could protect big donors from having to pay gift taxes on their large donations to these political groups.
The bill, which is headed to the senate, could make way for even more donations in coming years from nonprofit groups that are registered as 501(c) groups, especially in 2016, the country’s next presidential year. Right now, it appears that these big donors rarely pay taxes on their large donations, but as it currently stands the law does not offer specific protection from being assessed with gift taxes. That fact makes some donors a little nervous that the IRS could come knocking.
However, the new piece of legislation that Congress just recently passed would make it clear that gift taxes would not apply to groups that are registered under the Tax Code sections 501(c)4, (c)5 or (c)6. That means most of the big donor organizations that are registered under these sections would be immune from paying gift taxes.
This would obviously be good news for the many ultra-wealthy individuals who are deeply involved in politics and political movements. By having assurances that their donations would never be subject to the gift tax, the amount of money they can donate could increase even more.
Startup Fundraising – Do You Know Who You Are Talking To?
Startup Fundraising – Do You Know Who You Are Talking To? Venture capital, private equity, mezzanine debt, venture debt, angel money, investment bank? What’s the difference and who are the players? Many people start looking for funding and become involved with investment bankers or business brokers without really understanding what they are looking for or…
Republican Lawmaker Pushing Real Tax Reform
Republican Lawmaker Pushing Real Tax Reform By Kent Livingston Will our country ever see true tax reform? While politicians continue to battle over who should pay what and who is getting away with highway robbery, none of them seem to be able to come up with a better plan to actually fix our country’s broken…
Six Facts About the American Opportunity Tax Credit
Six Facts About the American Opportunity Tax Credit Many parents and college students will be able to offset the cost of college over the next two years under the new American Opportunity Tax Credit. This tax credit is part of the American Recovery and Reinvestment Act of 2009. Here are six important facts the IRS…
Small Businesses, Bite a Chunk Out of Your Taxes!
Small Businesses, Bite a Chunk Out of Your Taxes! A tax savvy entrepreneur like yourself probably knows that maximizing your deductible business expenses lowers your taxable profit. After all it is how much money you have left in your pocket that sometimes matter. Here are some deductions which may help you take a bite out…