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Jack Owen’s Tax-Exempt Alert NOVEMBER 2022

The IRS recently announced the new annual qualified retirement plan benefit limits for 2023. Set forth in the table below is a summary of the most relevant new limits for 2021 – 2023. These lists are mainly of interest to those of you familiar with retirement plans. If you do not understand the types of Read More

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Jack Owen’s Tax-Exempt Alert AUGUST 2022

At the July 26, 2022, meeting of the Pittsburgh Planned Giving Council, I discussed a recent Tax Court case where a donor lost a $400K plus charitable tax deduction. In Albrecht v. Commissioner, TC Memo 2022-53, the taxpayer donated Native American jewelry and artifacts to the Wheelwright Museum of the American Indian. The IRS challenged Read More

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The Universe of Tax-Exempt Entities

The Universe of Tax-Exempt Entities – How to Choose between Classifications and to How Know When and How to Structure Affiliations for Compliance. Pennsylvania Bar Institute By Morgen Cheshire, Esq. and Jack R. Owen, III, Esq.

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Jack Owen’s Tax-Exempt Alert NOVEMBER 2021

2022 Changes in Annual Qualified Retirement Plan Benefit Limits The IRS recently announced the new annual qualified retirement plan benefit limits for 2022. Set forth in the table below is a summary of the most relevant new limits for 2020 – 2022. These lists are mainly of interest to those of you familiar with retirement Read More

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Jack Owen’s Tax-Exempt Alert JULY 2021

An important U.S. Supreme Court case was decided on July 1, 2021, Americans for Prosperity Foundation v. Bonta, involving California’s requirement that organizations making charitable solicitations file Schedule B to IRS Form 990, providing unredacted information on substantial contributors. The Court reversed an appeals court ruling in favor of California and finding that California’s requirement Read More

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Jack Owen’s Tax-Exempt Alert MARCH 2021

Allentown, PA Could Not Impose Business Privilege Tax on Charity There are not too many PA taxing bodies that impose business privilege taxes (the “BPT”). In a recent case of the PA Commonwealth Court, the Court ruled that the City of Allentown could not collect more than $780,000 in BPTs from a “purely public charity”. Read More

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Jack Owen’s Tax-Exempt Alert JANUARY 2021

Last year, Congress passed the CARES Act in response to the Covid-19 pandemic. Under the CARES Act, donors who are otherwise not able to itemize deductions in 2020 may be able to take a charitable deduction of up to $300 for cash contributions made in 2020. The Consolidated Appropriations Act (“CAA”) signed into law on Read More

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Jack Owen’s Tax-Exempt Alert NOVEMBER 2020

It is not uncommon for charitable organizations to have suffered financial difficulties this year due to the Covid-19 pandemic. Many charitable organizations at this time of year will look to the generosity of donors to help provide the additional vital resources needed so they can continue to unselfishly serve others. During this holiday season, charitable Read More

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Jack Owen’s Tax-Exempt Alert OCTOBER 2020

2021 Changes in Annual Qualified Retirement Plan Benefit Limits The IRS recently announced the new annual qualified retirement plan benefit limits for 2021. Set forth in the table below is a summary of the most relevant new limits for 2019 – 2021. These lists are mainly of interest to those of you familiar with retirement Read More

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Jack Owen’s Tax-Exempt Alert AUGUST 2020

Surprising Pennsylvania Response to Pandemic and Economic Downturn On July 23, 2020, Governor Wolf signed into law H. B. 2484, Act 71 of 2020, which permits increased payouts from endowment funds to charities and expands the standing of donors.   This legislation was passed in response to pressure from charities to spend more from their endowments Read More

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