A treat to boost 2021: Congress extends charitable giving incentives
As your clients reboot after a wild 2020, now is a great time to address their charitable giving plans for 2021. COVID-19 has proven to be a marathon, not a sprint.
Advice to advisors: Seek clarity about clients’ commitment to community
The odds of Biden’s proposed tax plan becoming law depend on factors that won’t be known until Georgia’s run-off elections on Jan 5, which will decide whether the Democrats or the Republicans will control the US Senate.
Taking chances: Will hindsight point to 2020 as the year to maximize giving?
Should advisors counsel their clients to implement planning techniques in anticipation of sweeping changes to the tax laws, or instead assume the status quo will continue and stay the course with clients’ current plans?
Clients Beware: Bad Apples and Red Flags
With GivingTuesday right around the corner, and wildfire relief efforts still going strong, many of your clients are likely to make an “in the moment” decision to give to a charity. That’s terrific, and you’ll be doing them a big favor if you offer a gentle reminder that, unfortunately, there are a few bad actors in every industry–even in philanthropy.
The Power of Planning: Bundling, Bunching, and Bequests
The significant community needs arising from the events of 2020, coupled with recent tax law changes, make it very important that you help your clients plan their charitable giving strategies.
Gifts in Kind: Take Note of New Accounting Rules
Gifts in kind have played an important role in pandemic relief efforts, with more than $200 million worth of goods already contributed to help those affected by COVID-19.
The CARES Act and Community: Three 2020 Upsides
The CARES Act created important opportunities for your clients to increase their giving to charitable causes.
An eye toward year-end tax planning
2020’s stock market has been a rollercoaster, but as you guide your clients into year-end, don’t forget the powerful benefits of giving appreciated securities to a donor-advised fund at the community foundation.
Corporate giving programs: Opportunity in the COVID era
More than 80% of large company executives believe for-profit companies have a responsibility to play a role in resolving social issues
Elections and giving: Tips for advising your clients
Individuals who are passionate about community causes are frequently also passionate advocates for candidates running for public office.
Weeding out taxpayers who abuse conservation tools
As environmental consciousness continues to rise, so does the subject of conservation easements as a tax-savvy charitable giving tool.
IRS speaks out on cybersecurity
According to the American Bar Association’s 2019 Legal Tech Report, 26% of law firms experienced some type of security breach in 2018.
Advising clients on starting a charity
As 2020 marches on with little relief in sight from crises affecting our region, more and more attorneys, accountants, and financial advisors are fielding questions from well-intended clients who are exploring starting their own nonprofits to help people in need.
IRS ruling helps employers and employees help pandemic victims
In Notice 2020-46, the IRS said compensation treatment will not be triggered when an employer makes cash payments to a charitable organization based on employees’ forgoing vacation, personal, or sick days.
Keep clients informed about stress on the social sector
Peter Drucker once wrote “Only the social sector, that is, the nongovernmental, nonprofit organization, can create what we now need, communities for citizens.”
Investing for Community Impact
YouthBridge Community Foundation has made the first investments of our 25×25 Impact Investing Initiative, which we expect to total $5-6 million over the next five years.
Galas look different, but the tax rules are still sticky
For many charities that rely on events to achieve annual fundraising goals, the cancellation of 2020’s Met Gala (which raised an estimated $15 million in 2019) came as a blow, signaling that live galas and auctions might not be back anytime soon.
Surprising IRS relief for required minimum distributions
In the CARES Act, passed on March 27, 2020, Congress eliminated this year’s Required Minimum Distributions from IRAs, 401(k)s, and 457(b) and 403(b) plans.
Important reminders: QCDs and CLATs
Our recent communications have highlighted the unique importance of Qualified Charitable Distributions (QCDs) and Charitable Lead Annuity Trusts (CLATs) in today’s market conditions. Given the critical needs facing our community right now, YouthBridge wants to reiterate the value of these two planning tools.
Donor-advised funds: Working hard for our community
Donor-advised funds are a popular charitable giving tool. This is a good time to consider a DAF for your clients.